CUInsight, June 22, 2022, As inflation rises, credit unions remain the backbone for American consumers
A National Community Reinvestment Coalition study found that since March 2020, banks have closed more than 4,000 branches across the country. At 201 closures per month, they doubled their closure rate which – for the past 10 years – averaged around 99 per month. Over the past five years, one-third of these closures were concentrated in low- to middle-income and minority neighborhoods. In stark contrast, during the same period credit unions have increased their presence in these communities by 2.4 percent.