WASHINGTON–There is a lot of talk about the “credit union difference,” but several economists are also offering some data to back up the claim.

The information was shared during a breakout session during America’s Credit Unions GAC.

America’s Credit Unions Chief Economist Mike Schenk shared data showing the pricing advantages offered by credit unions.

“CUs) have better rates for members, and their presence causes banks to price in more consumer-friendly ways,” Schenk said. “That’s $37 billion in advantage just in the year ending September 30, 2024. By the way, the government estimates the cost of those benefits are about $3 billion, which means about a 1,300% return on the investment, which is amazing.”

Addressing ‘Myths’

In addition, ACU’s head of Emerging Issues and Deputy Chief Economist Curt Long said his examination of data related to “myths” about credit unions that have been spread by the banking industry support the credit union difference. He also cited the fact credit unions have opened a net 560 branches in the last decades, while the nation’s banks have closed several thousand.

“Credit unions’ very different approach to banking is valued by policymakers, especially when these branches are open and serving the people in their district,” said Long.

‘Massive Dataset’

Meanwhile, ACU Senior Economist Dawit Kebede said the trade group is using a massive dataset of consumer transactions to create in-depth detail related to the “credit union difference,” and how the organization is using that data to reach out to academics and other fields to tout the credit union difference.