“…banks got a bad rap during the financial crisis for their part in risky mortgage lending and for fees that many consumers view as unnecessarily greedy.”
Member owned credit unions don’t have that rap and are non-profit.
Banks and their high paid lobbying groups are now telling us to be “outraged” that our credit unions are tax exempt. Feeling the banks pain yet?
Wisconsin Bankers Associations: Taxpayers should be outraged that Wisconsin may soon have its eighth billion dollar credit union. Pioneer Credit Union and Capital Credit Union have agreed to merge, creating yet another megacredit union that won’t be paying any income tax to the state. That means the average taxpayer will pay more in income tax than these billion dollar institutions. This new credit union will also be larger than 98 percent of the tax-paying banks in the Wisconsin.
Cry me a river. Banks, not credit unions cause the global economic crash, so…it’s time to feel sorry for the banks? Good luck with that.