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Even though the credit union movement is a small fraction of the financial marketplace, bankers often lobby to gain control of the entire marketplace. They lobby for credit union taxation and spreading misinformation. Here are the facts:
No – Banks have economies of scale, ability to raise capital through stock issuance, unlimited powers for commercial lending and an unrestricted customer base. Credit unions have only a tax-exempt status, which helps them compete.
No – the Banking Industry dominates the financial marketplace and controls well over 90% of the market share in the United States. While all financial institutions have grown, there’s no indication that one group has gained over the other.
Yes – A tax on credit unions is a tax on its members. Income taxes on credit unions will limit our ability to pass along a lower cost financial alternative. Further, by taxing credit unions, our capital growth will be impacted which will limit our ability to grow and serve new members.
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