Bankers want to eliminate credit unions, and you should be worried
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.
So why are the bankers so obsessed about the tax status of not-for-profit credit unions?
Two reasons: competition and reputation. Credit unions’ presence in the marketplace provides a check on higher banking costs and dishonest practices, and the banks don’t like that. Rather than do better, they’ve chosen to keep up their attacks on not-for-profit, member-owned credit unions.