tag:blogger.com,1999:blog-319775530671726401.post2947804613265927851..comments2023-10-01T09:18:26.162-04:00Comments on Keith Leggett’s Credit Union Watch: Bank Transfer Day Shows that the Time Has Come to End CU Tax ExemptionKeith Leggetthttp://www.blogger.com/profile/14794334790117033547noreply@blogger.comBlogger9125tag:blogger.com,1999:blog-319775530671726401.post-14026813515359209342011-11-14T14:56:51.158-05:002011-11-14T14:56:51.158-05:00You are right as credit unions have tougher capita...You are right as credit unions have tougher capital requirements than banks. While CUs don't have CRA (as credit unions were not found to redline like the banks in the 70s), credit unions have loan term limits and interest rate limits that would cripple banks. Remember that federal credit unions have an 18% interest rate cap. Would your bank want that? <br /><br />Would your board members like the liability for the institution without pay or special loan arrangements that are not possible at credit unions? Public officials can be on the boards of banks but are mostly prohibited from serving on credit union boards. <br /><br />If the grass is so much greener, come on over. The weather is great!!!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-83595093140621377212011-11-10T15:25:42.397-05:002011-11-10T15:25:42.397-05:00Not only do they have an unfair advantage in regar...Not only do they have an unfair advantage in regard to taxation, they have not had the same captital requirements as banks and they are not regulated the same as banks. In our town, they are taking deals that most community banks would run from. Their day is comming soon! It will help restore the confidence in the banking industry.....Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-8719500329119487742011-11-05T18:51:26.908-04:002011-11-05T18:51:26.908-04:00When someone begins to finally investigate credit ...When someone begins to finally investigate credit unions and pull the rug back, they are going to see what's really been going on there for years, all whilst not paying any taxes.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-31002037597434933862011-11-05T01:10:39.947-04:002011-11-05T01:10:39.947-04:00Yawn - ABA's argument is deeply flawed and is ...Yawn - ABA's argument is deeply flawed and is passe. If a group of business owners choose not to enrich themselves (at the expense of the their customers and other subordinate owners)in favor of keeping more capital in the hands of its members/owners/customers (who in turn ARE taxed) then so be it. ABA is like a dog at the food bowl having stuffed themselves silly but having a fit if anyone else dare wants to eat. If tax exemption is so great and competitively biased, then convince your board to volunteer their services, your executive team to take dramatic paycuts, and apply for a credit union charter.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-47274063474729223302011-11-04T22:01:37.431-04:002011-11-04T22:01:37.431-04:00Credit Unions may be not for profit tax exempt ins...Credit Unions may be not for profit tax exempt institutions. But with the NCUA corporate stabilization assessment(s) it sure makes our tax exempt status expensive to support. Credit Unions should pick up the bank charter as indicated above and dodge taxes just like the banks. This will bring us to a level playing field.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-18756989938937523542011-11-04T12:37:07.548-04:002011-11-04T12:37:07.548-04:00Credit unions will not fall for the bankers - full...Credit unions will not fall for the bankers - full taxation with limited powers (that happened in the 1950s). Full taxation will equal FULL powers. Then you will see credit unions eat the banks for lunch!!!!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-11129789710505552682011-11-04T10:46:33.679-04:002011-11-04T10:46:33.679-04:00Banks created their own problems. Don't blame ...Banks created their own problems. Don't blame credit unions. Credit unions will still be a blip on the radar screen in terms of market share when this is all said and done. If you're that worried about the threat of credit unions and need to continue to use the tax exemption as your argument start thinking about what banks good do better in serving their customers instead of putting your shareholders first.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-37745032066755652712011-11-04T10:05:44.963-04:002011-11-04T10:05:44.963-04:00On the next Bank Transfer Day, Bankers will be ask...On the next Bank Transfer Day, Bankers will be asked to move their charter to NCUA.<br /><br />They won't, because the tax system is rigged, with banks (not credit unions) as the greatest beneficiaries of tax subsidies and benefits.<br /><br />Take Wells Fargo. Taxpayer bailout of $25 billion. If the bank were assessed at the usual 35 percent corporate income tax rate, it would have paid the IRS nearly $18 billion during the crisis it helped cause. The bank paid no taxes.<br /><br />Goldman Sachs got a $10 billion from taxpayers. The bank paid no income taxes in 2008, the same year of the TARP infusion. Over the three-year crisis period Goldman reported $4.9 billion in profits. <br /><br />PNC Financial Services Group grabbed $7.6 billion from the government. But PNC’s three-year profit was just under $8 billion yet it paid no income tax in 2009 and 2010.<br /><br />State Street Corp. received $2 billion from taxpayers. The company’s three-year profit was $731 million. It paid no income tax in 2010.<br /><br />Capital One Financial Corp received a $3.6 billion from taxpayers. The company’s three-year profit was $1.3 billion. It paid no income tax in 2010.<br /><br />The list goes on.<br /><br />Your academic citations should include Citizens for Tax Justice and the Institute on Taxation and Economic Policy.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-29800659739836921572011-11-04T09:17:13.233-04:002011-11-04T09:17:13.233-04:00Dream on.
Happy Bank Transfer Day!Dream on. <br /><br />Happy Bank Transfer Day!Anonymousnoreply@blogger.com