Every fall the bank lobby groups ramp up their PR fight against credit unions. This year’s attack by the American Bankers Association is called “Reform Credit Unions” and even includes a cute website to make the case.
Ok, I admit it. I am biased and (slightly) jaded about attacks from the banks. That aside, I do believe credit unions need to do more to show members and potential members that such smooth messaging is the result of fancy lobbyists trying to earn their money. Perhaps that’s why this year’s attack makes me particularly angry.
The ABA claims the credit union federal tax exemption is a detriment to taxpayers, but I see an emerging trend in which credit unions across the country are steadfastly working to improve the lives of their members and communities. Movement leaders are embracing even tighter the founding virtues of member-owned nonprofit financial cooperatives.
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