MADISON, Wis. (12/2/13)--Credit unions' battle to preserve their tax status was featured in a Fresno, Calif., business journal and a publication for U.S. police officers.
The attacks spearheaded by banks aren't complicated, said the American Police Beat (Nov. 25). "Big banks and fat cat banksters say credit unions should have their not-for-profit tax status revoked because it gives credit unions an unfair competitive advantage over commercial banks," said the staff-written APB. "But that's nonsense. They just want the money so they can pay themselves more and to continue to rip off their own customers with impunity."
The article also featured seven points in favor of credit unions keeping their tax status made by Jason Gold in a blog on the Credit Union National Association's "Don't Tax My Credit Union" site. Use the link to access the full article.
TBJNow (Nov. 27), powered by The Business Journal, Fresno Calif., also featured CUNA's Don't Tax campaign in its article, "Credit unions fighting to protect tax-exempt status," noting the campaign was launched to advocate for credit unions to remain exempt.
Defending the credit union tax status in the article were Jeremy Empol, vice president of governmental affairs at the California and Nevada Credit Union Leagues, who pointed out that banks are the only group advocating that credit unions lose their exemption, and Doug Kileen, CEO of Portville-based Safe 1 CU.
Credit unions are a vital component in the marketplace to ensure competition, Empol said, noting that "it comes down to consumer choice. What holds banks accountable is that there is a not-for-profit competitor in the marketplace. If credit unions are no longer tax-exempt, who is going to keep those banks accountable?"
A change in the tax status would threaten survival of credit unions' current not-for-profit structure, Kileen said. The status allows credit unions to offer more competitive rates to its members. To view the full article, use the link.
Check in with CUNA's campaign at www.don'ttaxmycreditunion.org.