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Banks pushing for repeal of credit unions' federal tax exemption

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    Banks pushing for repeal of credit unions' federal tax exemption






    * just when you think those greedy do-nothing bankers couldn't possible get any worse, wrong!

    Banks pushing for repeal of credit unions' federal tax exemption - latimes.com
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    Because they can't compete and keep their sky high profit margins.
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    There is more to this than just it's the greedy banks again.

    Banks are subjected to more government mandated higher regulatory compliance and insurance related compliance costs than credit unions are, all while competing with credit unions for the customers that use the same types of banking services.
    Since credit unions do not have to comply with the same regulatory compliance and insurance mandates and pay the costs of complying with those mandates as banks do, credit unions can offer the same types of services to their customers at a lower cost than banks can.

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    Quote Originally Posted by Bowden View Post
    There is more to this than just it's the greedy banks again.

    Banks are subjected to more government mandated higher regulatory compliance and insurance related compliance costs than credit unions are, all while competing with credit unions for the customers that use the same types of banking services.
    Since credit unions do not have to comply with the same regulatory compliance and insurance mandates and pay the costs of complying with those mandates as banks do, credit unions can offer the same types of services to their customers at a lower cost than banks can.
    however in retrospect the big banks don't pay those costs either due to the billions and billions in subsidy that they receive annually.
    William F. Buckley describes a conservative as, "someone who stands athwart history, yelling Stop." - and then proceeds to drag civilization back to times best left in history's dungheap.

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    more people are wising up and dealing with credit unions. i use both but do the bulk at cu.

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    i keep a rinkydink bank account to link to paypal in case they go rouge again. just got a notice on that account that rates are going up 20 a month in august. my cu accounts are free.

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