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. Said differently, “too big to fail” banks – those first to get in line for federal help and bailouts – are coming to a statehouse near you and pleading for government help to raise the cost of iheir ankle biter competitors.

Taxing credit unions would hurt low- and middle-income Americans

This year marks the 80th anniversary of the Federal Credit Union Act, one of the nation’s most important economic development and financial services laws.

Congress created credit unions in response to the stress on family pocketbooks in the depths of the Depression.