Grassroots – Communicating our Story
It’s important for our delegation, as well as the public and the media, to hear from our bankers how laws and regulations affect banking and our communities. To effectively do this, the ABA offers Bankers Speak Up, an excellent resource for materials, information and media for you to tell our story.
Grassroots – Communicating our Story
It’s important for our delegation, as well as the public and the media, to hear from our bankers how laws and regulations affect banking and our communities. To effectively do this, the ABA offers Bankers Speak Up, an excellent resource for materials, information and media for you to tell our story.
Credit Union Competition
Congress established credit unions in the 1930s to provide small-dollar loans to close-knit groups of people of modest means. To encourage credit unions in their mission, Congress exempted credit unions from federal income taxes.
However, many of today’s credit unions bear little resemblance to the industry that received this special tax exemption and today have become indistinguishable from the banking industry. Credit unions have leveraged their taxpayer subsidy to aggressively grow—becoming a $1 trillion industry. And as the credit union industry expands, it does so at the expense of all taxpayers.
Position
The credit union tax exemption is no longer justified. Credit unions have drifted from their original mission, and have outgrown their special tax-exempt status. Taxpayers can no longer afford to continue subsidizing the credit union industry. The goal is to have these large, aggressive credit unions return to their original mission or become subject to the same regulatory, supervisory and tax requirements as banks.
Enough is Enough: Say NO to Credit Union Expansion
The following materials put into perspective how credit union competition affects US in South Carolina. Please share this information with your representatives.
CU Real Story
Who Receives CU Mortgage Loans?
Top CU Business Lenders
Featured Graph
Click here for much more information provided by the ABA.
Follow Along… It’s Time To Pay!
Tweets by ItsTime2Pay
Credit Union Competition
Congress established credit unions in the 1930s to provide small-dollar loans to close-knit groups of people of modest means. To encourage credit unions in their mission, Congress exempted credit unions from federal income taxes.
However, many of today’s credit unions bear little resemblance to the industry that received this special tax exemption and today have become indistinguishable from the banking industry. Credit unions have leveraged their taxpayer subsidy to aggressively grow—becoming a $1 trillion industry. And as the credit union industry expands, it does so at the expense of all taxpayers.
Position
The credit union tax exemption is no longer justified. Credit unions have drifted from their original mission, and have outgrown their special tax-exempt status. Taxpayers can no longer afford to continue subsidizing the credit union industry. The goal is to have these large, aggressive credit unions return to their original mission or become subject to the same regulatory, supervisory and tax requirements as banks.
Enough is Enough: Say NO to Credit Union Expansion
The following materials put into perspective how credit union competition affects US in South Carolina. Please share this information with your representatives.
CU Real Story
Who Receives CU Mortgage Loans?
Top CU Business Lenders
Featured Graph
Click here for much more information provided by the ABA.
Follow Along… It’s Time To Pay!
Tweets by ItsTime2Pay