Banks Versus Credit Unions: Much Ado About Nothing

by Jeff Marsico

Credit Unions don’t pay taxes! They’re trying to steal our business customers!
I often quote Sun Tzu from his over 2,000 year old book, The Art of War. One of my favorites: “If you know the enemy and know yourself, you need not fear the result of a hundred battles.” The frequent and resource sapping waling about credit unions tells me that banks don’t know their enemies, umm, competition.
Last year I attended the CUNA Government Affairs Conference (GAC). By the way, it was the trade show beyond all trade shows. Clearly credit unions put heavy resources into lobbying. So I will give banks that point. We had a booth, and my company’s tagline is “helping banks perform better”. We like the alliteration, and use the word “banks” in a generic way, like Kleenex.
But one would think we would hear about it from Credit Union executives and trustees. And we did hear some quips. But one CEO opined that the rift between banks and Credit Unions was greatly exaggerated by trade associations to keep the masses engaged. I believe her.
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