The big banks and some in Congress want to raise taxes and impose new fees on 110 million credit union members who represent 40% of all Americans, yet represent only 6% of the assets in financial institutions.
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The credit union mission has always been to ensure secure financial choices at lower costs for their members. That’s why credit unions offer financial products that provide better returns on savings, reduced rates on loans and lower or no fees on services. Click here for other recent news about credit unions.
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Some banks are asking state legislators to pass resolutions calling on the U.S. Congress to eliminate the nonprofit status of credit unions, effectively imposing new taxes on the banks’ smallest of rivals. Click here to see if “too big to fail” banks are targeting your state.
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Sep
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.
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Feb
The $17.2 trillion banking industry is riding high in the current economy: Profits are up, new tax cuts are in, and the industry has more capital than ever before.
