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Our NuMark branches will be CLOSED on Monday, February 17th in observance of Presidents’ Day. We will reopen for normal business hours on Tuesday, February 18th.
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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