Who Hijacked Our Country

Monday, September 16, 2013

Big Banks Trying to Eliminate Credit Unions

For obvious reasons, millions of depositors have been transferring their money from large banks to credit unions.  With their devotion to free-enterprise laissez-faire capitalism, the banking cartel’s response to this new competition has been to compete with credit unions by offering better deals and better customer service using their political muscle to tax and regulate those pesky credit unions out of existence.

Here are some more links.

(The linked article was written last July, but I didn’t know anything about this until yesterday.)

The Banking Syndicate is lobbying Congress to eliminate the federal tax exemption that credit unions have been receiving since 1934.

Frank Keating, president of the American Bankers Association, wrote to President Obama:

“Many tax-exempt credit unions have morphed from serving 'people of small means' to become full-service, financially sophisticated institutions.  The time has come to abolish this exemption.”

With Congress getting ready for a major overhaul of the tax code, this is the perfect opportunity for the Banking Cartel to destroy their competition once and for all.  They’ve been bombarding the Washington DC area with print and radio ads as well as bribing their prostitutes in Congress.

The credit unions’ federal tax exemption ends up costing taxpayers roughly $1.6 billion a year.  Let’s see, a multi-trillion dollar bailout for Wall Street vs. a $1.6 billion tax exemption for credit unions…

Credit unions depend on this tax exemption, since — unlike banks — they can’t raise capital through public stock offerings.  The president of the National Association of Federal Credit Unions said:

“They'll have to convert to banks, which is what the banks want.  Then they'd have, for lack of a better term, a monopoly.”

Mission Accomplished.

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6 Comments:

Anonymous Anonymous said...

I've been with Credit Unions for over 30 years, and we always had to do a letterwriting campaign to counter something against the (then) not so big banks.

Perish the thought that Banks could compete by offering better services.

Erik

September 16, 2013 at 6:02 PM  
Blogger Grung_e_Gene said...

Resistance is Futile we are the American Bankers Association, You will be assimilated.

September 16, 2013 at 8:04 PM  
Anonymous Anonymous said...

Another one bites the dust, eh?

Life As I Know It Now

September 17, 2013 at 4:21 AM  
Blogger Tom Harper said...

Erik: Yup, it's pretty laughable to imagine big banks trying to compete by offering better service. Much easier to just obliterate the competition.

Grung: We are all tiny cogs. Workerbees.

Life: If it isn't owned by a giant conglomerate, it'll bite the dust.

September 17, 2013 at 3:40 PM  
Blogger Snave said...

I'll give them my credit union when they take it from my cold, broke hands.

I love my C.U. They had better not mess with it.

September 17, 2013 at 8:43 PM  
Blogger Tom Harper said...

Snave: My sentiments exactly. I don't use a credit union, but our bank is small and locally owned.

September 18, 2013 at 8:26 PM  

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