Maybe It's Time To Call The Bankers' Big Bluff
I was reading Credit Union Journal's article on the bankers' latest efforts to tax credit unions. Maybe the credit union industry should play poker with the bankers and call their bluff. It would be interesting to see if there has been any study done to determine the benefit of taxing credit unions, providing that we are afforded the same considerations that banks are allowed.
Having the ability to engage in the same activities as the banks would undoubtedly increase the competition for the banks. If I was a banker I wouldn1t want any more competition than I already have. I, for one, would say 'Tax me and let me loose to compete head to head with the bankers on an even playing field!!! If the credit unions were taxed, what would the banker have to complain about?
We could then merge all the bank and credit union trade associations into one united trade organization with a tremendous amount of political clout. Just my opinion.
Rick Odenthal, CEO
Central Minnesota FCU, Melrose, Minn.