Credit Unions and Banks: What’s really different about credit unions?

Credit unions have long claimed to operate differently from traditional banks. In this report, US-based writer Lucy Harr asks whether that distinction still holds today. Are credit unions truly unique, or is the rhetoric outdated? Lucy examines how credit unions differ in values, operations, and community engagement – and whether rebranding as “community banks” undermines their identity. With insights from sector leaders, the paper explores whether the key difference lies not in what credit unions do, but why they do it. Required reading for credit unions affirming their identify and their difference.