Banks versus credit unions

[Meeker Morgan]

No this isn't a shopping guide.

Banks take aim at credit unions' tax-exempt status
The Cap Times (Madison WI)
http://host.madison.com/ct/business/article_37e495d6-b84c-11df-a86c-001cc4c002e0.html

Amid the worst recession in a generation, the banking industry is again challenging the tax-exempt status of credit unions.

As nonprofit, member-owned institutions, credit unions have long been exempt from corporate income taxes at both the state and federal level. The idea is that credit unions provide a public service by offering loans to those who might not otherwise have access to credit.

But as credit unions have grown in size — six Wisconsin credit unions now count more than $1 billion in assets — some are questioning their protected status. Most credit unions have also managed to remain profitable despite the weak economy, a sore point for many today in the beleaguered banking industry.

(more)

Emphasis added. The bastards. :nopity:

[rucky]

1. They've been doing this for years.

After the financial meltdown, independent banks could've taken one of two sides: Join with the credit unions to fight the further consolidation of large banks, or join up with the ABA & big banks for a lobbying blitz. The ICBA chose the latter, and look what's been happening to independent banks every Friday since. They signed their own death warrant.