However, Jury's opinion is not shared by some within the credit union industry.
Ed Speed, the former CEO of Texas Dow Employees Credit Union (TDECU), wrote the following in an August 10, 2011 guest opinion appearing in Credit Union Times.
"The only impact taxation would have on TDECU is that we will double in size every seven years instead of every five years. So what?
The NCUA special assessments prove my point. Last year and for the next nine years, credit unions are paying special NCUA assessments, assessments that have just about the same impact as a 35% tax on credit union net income.
The assessments we paid - and will pay for the next decade - did not drive us to change loan and deposit rates and fees last year, nor will they in the future.
Paying a 35% tax on income would have the same impact on how we price: none, nada, zip."
So, the corporate assessment provides a controlled experiment to simulate the impact of taxation on the pricing of credit union services.
Did your credit union change loan or deposit rates and fees because of the corporate credit union assessment?