CUNA, NAFCU: It's Time For Banks To Knock It Off

WASHINGTON - In its latest round of advertising, America' Credit Unions-a joint project by CUNA and NAFCU-features a General Accountability Office (GAO) report noting that taxpayers are subsidizing the banking industry by $1.3 billion to $1.9 billion each year, despite the fact that banks are the U.S.'s most profitable industry since 2000.

It continues with a warning: "Now the Banks want to tax 90 million Americans who are credit union members - despite the fact that credit unions are not-for-profit."

The advertisement also claims that "the GAO says tax payers are subsidizing the very same banking industry that had record profits of over $145 billion in 2006 alone."

The ad, which began in publications last week and will continue running through this week, is being printed in The Hill, Roll Call and Congress Daily, all publications that target members of Congress, according to CUNA Spokesperson Pat Keefe.

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