HARTFORD, Conn. (4/2/12)--Banks are targeting credit unions for their willingness to reach out to consumers and small businesses, Norman Halls, chairman of STCU CU, Springfield, Mass., wrote in an opinion editorial recently published on Hartford (Conn.) Business.com.
"Bankers do not like competition," Halls wrote in his letter, and they are "trying to get back" at credit unions for assisting small depositors and small businesses during the weeks surrounding Bank Transfer Day, when banks were skewered in the media for high fees.
Halls also touted the Small Business Lending Enhancement Act of 2011, which would increase the member business lending cap for credit unions to 27.5% of assets from 12.25%.
Increasing the MBL cap, would inject $13 billion in new funds into the economy, creating as many as 140,000 new jobs in the first year after enactment, estimates the Credit Union National Assocation.
Halls cited a Wall Street Journal Sept. 18 article that said consumers may get "more bang for your buck" with a credit union. He also described the cooperative structure of credit unions.
"Stop banks from taking away your right to bank where you want," Hall concluded. "Contact your senator and congressman and tell him or her to vote for H.R. 1418 and S. 509. It's time that we tell them what direction we want."