WASHINGTON (9/5/13)--While credit unions score with their grassroots "Don't Tax My Credit Union" campaign as federal policymakers debate tax code reform, the banks are re-circulating their dank and tired arguments to promote a new tax on credit unions and their 97 million members, Paul Gentile, Credit Union National Association executive vice president of strategic communications and engagement, pointed out Wednesday.
"A 'new' bank study on the issue just re-hashes tired arguments that credit unions have already refuted," Gentile said, and warned noted that report authors are "advocates of the big banks--and paid by bankers--which are at odds with credit unions."
Gentile suggested that any reader of the report should be aware of the following areas of misinformation:
"One of the biggest things that the report tries to ignore is that their cries to tax credit unions is really a call to tax 97 million Americans and that would hurt those who can least afford it--hard-working Americans," Gentile pointed out.
He added, "While banks enjoy record profits year after year, credit unions are giving back to members everyday in the form of better rates and lower and fewer fees.