According to a national survey conducted by Morning Consult for the American Bankers Association, U.S. consumers do not realize the distinctions between banks and credit unions and think the two should have equal standards. Most consumers responded that any business providing bank-like services should have the same rules and regulations as banks.
Likewise, 18% of Americans understand that credit unions do not pay federal taxes, and 82% do not know credit unions’ tax status. Forty-nine percent of consumers said credit unions should pay federal taxes just like banks, while 18% disagreed. Overall, 65% of adult respondents care if the business handling their finances is regulated like a bank.