Is The Latest Mega-Merger Really Necessary?

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As a prior employee of T&C FCU and a current employee of CCF FCU I find myself unsettled with the merger of T&C and USA (reported on CU Journal’s website, May 2). Since both credit unions are doing extremely well, especially given the state of the economy, I have to wonder that something like this may cause a problem in regard to our fight against the banks to maintain our tax-exempt status. Is this merger really necessary? Although the concept of the credit union doesn’t change-there are a lot of people out there who are only going to look at the dollar signs and see that these credit unions are making large profits, so why should they be able to continue with a tax-exempt status? It has always been an uphill battle in Washington to continue fighting the banks on this issue. I just hope that this type of merger doesn’t hurt credit unions in general lose that fight.

Vicki Bade, Cornerstone Community Financial FCU, Waterford, Mich. (c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.

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