The credit union taxation argument has produced an army of angry bankers and credit unions on the defense. In March the American Bankers Association launched a full-scale advertising attack against credit unions’ tax exempt status asserting that the industry has become a revenue generating machine.
The ABA’s chief executive, Frank Keating expressed to congressional leaders that, “Credit unions were never intended to be untaxed banks, yet that is what they have become.”
The American Banker Magazine interviewed ABA chief lobbyist James Ballentine who said, “Our latest effort with the ads and with the letters is to really share with this new Congress that the credit union industry, as represented by the industry, is not the industry they know; they are by all accounts tax-exempt banks that compete every day with banks.”
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