Eliminating field of membership a ‘brazen money grab’ for credit unions

first_img continue reading » As CEO of a bank that formerly operated as a credit union, I know well the importance of last week’s Supreme Court ruling on the field of membership requirements for credit unions. Having seen the credit union “movement” evolve from its origins, I am deeply concerned.The Court’s decision is another unfortunate step toward America’s credit unions becoming nothing more than banks that refuse to pay federal income taxes, that operate under a regulator who seems more like a best friend, and that hide their true intention — attempting to steal market share from banks under the guise of being the only organizations able or willing to serve the financially underserved.Bankers believe in a level playing field, and if past is precedent the credit union lobby will exploit this ruling to try and convince Congress to eliminate any and all restrictions on who can join a credit union — all while not paying a dime in federal income taxes. My concern is well-founded because one of its top lobbyists, CUNA CEO Jim Nussle, demand exactly that in a recent opinion for the Credit Union Journal. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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