Thaler reminds of CUs’ service amid crisis
Sept. 25, 2013 – NAFCU Vice President of Legislative Affairs Brad Thaler reminded Congress Tuesday that, unlike the TARP-recipient banks discussed in a new Wall Street Journal article, credit unions remain safe and sound and kept serving Main Street America throughout the financial crisis.
Tuesday’s article, “Some Smaller Bankers Still Owe TARP Money: Lifeline Turns Into Long-Term Source of Capital,” noted, “Five years after the financial crisis, 113 small to midsize U.S. banks still owe taxpayers about $2.7 billion.”
Thaler, in an email to lawmakers, said, “While credit unions proudly served Main Street America throughout the financial crisis and continue to assist in the economic recovery, many bailed-out banks are still struggling to meet obligations to the American taxpayer.”
The proposition of tax reform in both the House and Senate has spurred many banking trades to attack credit unions’ tax-exempt status, despite an economic study released last year that shows the tax exemption benefits all Americans. Thaler asked that Congressmen and Senators “keep this article in mind the next time the banking industry continues to shamelessly attack the good work of credit unions.”
NAFCU credit union tax exemption study
Wall Street Journal article (9-23-13)