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Sep

Affinity Credit Unions Are Rightly Nonprofit

Regarding Alex Sanchez’s “Credit Unions Shouldn’t Get a Free Ride” (op-ed, Aug. 15): 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.

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