Nussle: Congress must stand with consumers by preserving credit union tax status
A new RealClearMarkets op-ed written by America’s Credit Unions President/CEO Jim Nussle refutes bank lobbyists’ claims with facts and urges Congress to support consumers by protecting the credit union tax status.
“Bank lobbyists want you to think banks and credit unions are the same – but the facts say otherwise,” wrote Nussle.
He responded to banker claims included in a recent Washington Post opinion piece. “What bank-backed Shelia Bair failed to mention in a recent op-ed against credit unions’ tax status, is that unlike banks, credit unions are financial cooperatives that exist to serve their members and stand up for Main Street – not Wall Street,” Nussle wrote. “Eliminating the tax status would jeopardize the financial well-being of farmers, veterans, teachers, and underserved communities who rely on them for affordable loans and lower fees.”