In response to another attack from bankers questioning the credit union industry’s tax exemption and motives, NAFCU President and CEO Dan Berger and CUNA President and CEO Jim Nussle set the record straight on the credit union difference.
“Credit unions do not misuse their tax-exempt status,” the two wrote. “In fact, the numbers show it is one of the best public policy investments the government can make. Credit union members saw more than $14 billion in economic benefits alone in 2022, and non-members received billions more in benefits due to credit unions’ presence in the marketplace.
“This frivolous tactic by banks is an attempt to stifle competition, and it ignores the fact that a significant number of banks are Subchapter S corporations that do not pay corporate income taxes.”
Berger and Nussle also explain the trend of credit union-bank mergers – “data shows that credit unions are better for communities” – and the benefits of Navy Federal Credit Union’s new contract with the Department of Defense.
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