Affordability is the defining economic issue of our time. Families and small businesses are juggling higher prices, tighter budgets, and growing uncertainty about what comes next. At the same time, access to affordable, reliable financial services is becoming harder to find.
As policymakers debate solutions, Americans are making practical decisions about where they put their trust and their money. Increasingly, they are turning to credit unions.
Across every major measure tied to affordability and accountability, credit unions outperform large national banks. Nearly three-quarters of Americans view credit unions favorably, compared to just over half who feel the same way about big banks.
That difference is not abstract. Consumers who rely on credit unions are far more likely to say their financial institution cares about their financial well-being, offers affordable credit, and makes it easier to manage their money. In an era of rising fees, and increasing distance between consumers and financial decision-makers, Americans are gravitating toward institutions that are accountable and local, not transactional and remote.
When banks raise fees or pull back from smaller towns, credit unions tend to stay put. When families need guidance navigating inflation or managing debt, credit unions offer real conversations and coaching, not just fine print. When small businesses look for lenders who understand the local economy, credit unions are already there, invested in the same community.
It is no surprise that Americans not only trust credit unions but want more people to have access to them. An overwhelming 94 percent of Americans support allowing credit unions to expand into more communities and lend more to small businesses. Additionally, nearly eight in 10 say that Americans would be financially better off if more people used credit unions.
That support cuts across geography, income levels, and political lines. It also raises a fair question: if Americans are this clear about what they want, why does federal policy still make it so hard for them to choose the path to financial freedom that credit unions provide?
Today, credit unions operate under outdated statutory and regulatory restrictions that limit where they can serve and whom they can help. Those rules were written for a different financial system. In today’s economy, they restrict choice, competition, and access to affordable financial services.
Congress has an opportunity to fix that.
Bipartisan efforts, including the Credit Union Board Modernization Act, recently passed by the House as part of the Housing for the 21st Century Act (H.R. 6644), are steps in the right direction. These updated governance requirements will make it so credit unions can more effectively meet the needs of growing and underserved communities.
Policymakers should build on that progress by advancing reforms that allow credit unions to better meet the needs of growing and underserved communities, including expanding access to tools like the Federal Home Loan Bank system to support mortgage lending, liquidity, and small business growth.
Allowing credit unions to grow is not about special treatment. It is about removing unnecessary barriers so more Americans can benefit from a proven, member-owned model. It means giving small businesses access to affordable capital from lenders who understand their neighborhoods and giving families more options at a time when affordability is front and center in national policy debates. Ultimately, it means strengthening local economies by supporting institutions that keep money circulating close to home.
At a time when trust in banks is wearing thin, credit unions stand out as a quiet success story. They’re steady when things feel uncertain. They’re practical when the rhetoric gets loud, and they deliver affordability that people can actually feel in their day-to-day lives. Americans have been clear about what they want. They want more access, more competition, and more institutions that put their financial well-being first.
Congress should listen.
Expanding access to credit unions is a practical, bipartisan step toward a more competitive and affordable financial system. When everything else feels uncertain, people turn to what works. For millions of Americans, that trusted partner is their credit union. It’s time to make that option available to more communities across the country.
Scott Simpson is the president and CEO of America’s Credit Unions.
