WASHINGTON (8/26/13)--More and more members of Congress are coming out in support of the credit union tax status, and Credit Union National Association President/CEO Bill Cheney in this week's Cheney Report said banks are responding the only way they know how: By attacking credit unions with outrageous arguments and vitriol.
One bank tactic is breaking apart credit unions by size or growth or some other category that has nothing to do with structure. "Don't they get it? Whether a credit union has $1 million in assets or $10 billion, a credit union is a credit union because of its structure," Cheney wrote.
And, while the banks continue their outrageous attacks via opinion pieces, ads and social media posts, Cheney said credit union members continue to recognize the benefit and necessity of the not-for-profit, member-owned cooperative structure.
"While these tired banker arguments are an annoyance, we must remain active in telling our story to members, consumers and lawmakers," Cheney said. Credit union advocacy efforts through the Don't Tax My Credit Union campaign have remained strong, with more than 715,000 contacts coming through CUNA's donttaxmycreditunion.org website.
Credit unions must continue to engage their members as the banker rhetoric heats up, Cheney said. "Now is the time for us to collectively be at our best in educating credit union members on why the exemption is so important and urging them to tell that story to Congress," he added.
The latest developments in the Federal Reserve's ongoing interchange case are also outlined in this week's Cheney Report.
Each Friday, The Cheney Report provides a valuable window into CUNA's actions on behalf of member credit unions and reinforces the value of CUNA membership. To sign up for The Cheney Report, click the resource link below and use the "subscribe" tab on the right of the page.
Past issues of The Cheney Report are also archived on cuna.org.