It's Tough To Make A Call On Latest Bank Volley Against CUs
Just what to make of these latest volleys from the nation's banking industry against credit unions? In a twist on the old axiom "If you can't beat 'em, join 'em," the banking trade groups have adopted the motto, "If you can't beat 'em, join together." As reported in The Credit Union Journal last week, the American Bankers Association, the Independent Community Bankers of America and America's Community Bankers, have formed the Inter-Trade Credit Union Coordinating Council (ITCUC for those of you tracking acronyms at home) to work together to repeal the credit union tax exemption. The fact three influential groups in Washington are working together against credit unions is serious. Yet the fact they have joined together at the same time the banking industry just reported a record quarter for profits makes it awfully hard to take the bankers' stated motivations seriously. In fact, were they working anywhere other than Washington-where anything with a PAC can get attention-it would be downright laughable. So which is it? Serious threat? Seriously funny? You get to choose.