Around this time every year, artist after artist tries to crank out that hit that really becomes the song of the summer, that one song that you just can’t get out of your head through the dog days. But for every hit single, we get a lot of recycled noise; the songs that sound formulaic, like a corporate machine is trying to keep up with the times through a fresh new face. You see it every year, and yet every year it just keeps happening.
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It should come as no surprise that, like record studios around the world, the bankers have fallen into that same trap: once again, they’ve tried to repackage their sounds into a new hit, but just created the same old song and dance. We’ve heard their hits before, right? “Credit Unions Are the Same as Banks” gets airtime now and then. So does “Look at Their Risky Loans.” And who can forget “But Their Tax Status”? I guess you can’t blame them, then, for reaching back into this bag for their summer selection. Across a 40-page screed on all the ways credit unions have grown too big for their britches and how the NCUA has been complicit in letting us get there, a new American Bankers Association-funded research paper touches on all of this and alleges that credit unions no longer serve Americans of modest means.
What a bunch of nonsense!
It’s great to see the bankers try so hard, spending a lot of money to churn something so new, yet so old. We all know that not only do credit unions continue to be a great friend to consumers of every income level, we also continue to reinvest year in and year out to remain true to our roots of serving people for provident purposes.