Lincoln Journal Star, July 2, 2019
A recent Journal Star article (“Bankers’ groups file suit,” June 27) brings to light a distinction between not-for-profit community credit unions and for-profit banks. Credit unions are cooperatives owned by their members, whereas banks are owned by a few shareholders.
The Federal Deposit Insurance Commission reported in February that banks nationwide saw their net profits climb to an astounding $236.7 billion in 2018, which equated to an overall 44% increase from 2017. In Nebraska, the 170 banks chartered here enjoyed $1 billion in net profits in 2018 alone. Banks reap record profits, yet they file a lawsuit wasting taxpayer dollars to stop any competition.