ABA President and CEO Frank Keating responded to a credit union trade group announcement Tuesday that credit union membership has surpassed 100 million.
“If we take CUNA’s questionable assertion at face value, two out of three Americans are subsidizing a $1 trillion credit union industry that doesn’t pay a dime in federal income taxes,” Keating said. “That’s nearly $2 billion a year that could be used to help shrink the federal deficit, but instead goes to what have simply become tax-exempt banks.”
“Credit unions should celebrate their ‘milestone’ by doing their patriotic duty and paying taxes like everyone else,” he added.
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About as original as a Lawrence Welk rerun.
ReplyDeleteas if it would go to the deficit..........
ReplyDeleteCompelling and genuine plea. I'm sure CUNA is scrambling as we speak.
ReplyDeleteLove this stuff.
ReplyDeleteBecause its an old request makes it invalid.
Suppose the same can be true of the never- ending whining to remain tax exempt but access all bank powers.
Starting to think alot of my peers in credit unions dont think they can cut it if forced to pay taxes.
Whats really scary is no credit union stepping forward to tell cuna to stop with the phony member numbers.
Glad we dont waste money on dues anymore!
Great, a self-hating credit union executive. If you don't like it, leave. We don't need you.
DeleteAnd exactly what is it that is "subsidized?" Those monies are not kept in the coffers of a few select business owners. It's kept/saved by the members - Members who already are taxpayers. Those same members are the economy, stupid.
ReplyDeleteThe simple fact is that Mr. Keating has exactly zero moral authority to call for the taxation of credit unions. It was the banks that in the past 8 years were primarily responsible for the greatest theft and redistribution of wealth from the poor and middle class to the wealthiest in this country. Credit unions serve as a critical balance to the scale. While the middle class has seen our net worth drop in the last 10 years, the wealthiest saw their net worth increase. Big banks and corporations control too much as it is. Dodd Frank's poor attempt at reigning in this excess disproportionally affect small banks and credit unions.
ReplyDeleteReally?
ReplyDeleteCredit unions are the counter balance to all that?
Guess we better put an "S" on Debbie's shirt for getting us the $26billion loan from the treasury (taxpayer), for saving the world from telesis and texans.
Maybe credit unions are the counter balance to world hunger and Putin, too.
Oh, and we don't do overdraft fees either.
What's next?
Cure for Alzheimer's?