Removing Barriers Blog

WSJ: CUNA’s President/CEO Responds to Banking Lobby Attack
Posted August 23, 2018 by CUNA Advocacy

Yesterday afternoon, the Wall Street Journal posted CUNA’s response to last week’s opinion piece by the President of the Florida Bankers Association.

In the response, CUNA’s President/CEO Jim Nussle wrote, “Critics of the credit union tax status say credit unions use a tax advantage to create a stranglehold on the market, a claim that is patently false. While credit unions were established to provide many of the same services as banks, their tax status has always been about the structure and mission of credit unions; it has never been about the size or powers of credit unions. A credit union’s growth is a key indicator that it is doing exactly what Congress intended when it established their tax status: it is successfully serving its members.

If the banking lobbyists had their way and credit unions were taxed, the consequences for consumers would be detrimental; for the government would be inconsequential; and for bankers would be a windfall.

It isn’t hard to see why the bank lobbyists continue their quixotic bid to get Congress to tax credit unions. It’s equally easy to see why that would be a bad deal for everyone but the banks they represent.”

As always, on behalf of America’s credit unions and their 110 million members, CUNA will continue to advocate for the preservation of the credit union tax status.