Mega Banks Go After Credit Unions

Liberty Bliztkrieg

The rampant hypocrisy in the position of the mega banks on the issue of credit unions is so glaring it’s almost hard to believe. Then again, there is nothing we shouldn’t assume when it comes to mega bank criminality and culturally destructive behavior after these last few years of unlimited nerve, gall and theft. Why? They are above the law and they know it. From the LA Times:  

WASHINGTON — Credit unions have been snatching customers from banks amid consumer frustration over rising fees and outrage over Wall Street’s role in the financial crisis.

Now banks are fighting back by trying to take away something vital to credit unions — their federal tax exemption.

Bankers long have complained the tax break is an unfair advantage for large credit unions. Now they see an opportunity to get rid of it as lawmakers begin work on a major overhaul of the tax code that is aimed at eliminating many corporate exemptions and lowering the overall tax rate.

Bankers complaining about an unfair advantage. Well isn’t that special.

Credit unions said the effort to take away their tax exemption was simply an attempt to stifle competition and remove one of the only checks on bank fees for consumers.

The tax exemption is crucial to credit unions, which by law can’t raise capital through public stock offerings the way that banks can, said Fred R. Becker Jr., president of the National Assn. of Federal Credit Unions, a trade group with about 3,800 federally chartered members.

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

The industry has grown significantly since the 2008 financial crisis, boosted by outrage over Bank of America’s 2011 plan to impose a $5 monthly fee for debit card use.

Bank of America ditched the plan after protests from customers, lawmakers and the White House. But the controversy led consumer groups to launch an effort to get customers of big banks to switch to smaller institutions, such as credit unions. And the effort helped.

By the end of March, credit union membership surged to 95.7 million, an increase of 2.7 million from the start of 2012, according to SNL Financial.

“The banking industry has no problem with competition. We have problems with competition when it’s on an un-level playing field,” said James Ballentine, the American Bankers Assn.’s executive vice president of congressional relations.

Oh no problem with competition? Free markets right? Like they way you got down on your hands and knees in 2008 crying for a taxpayer bailout? Got it.

As I have warned about for years, this is what happens when you provide no-strings attached bailouts to sociopathic monopoly companies that control the government.

Full article here.

In Liberty,

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8 thoughts on “Mega Banks Go After Credit Unions

  1. “The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks”. – Lord Acton

    Know thy enemy. The big banks and criminal cartel “central” banks are really the root of evil and corruption on earth. It is well past time to see some of those criminal degenerates swinging by the neck from trees or lined against a wall and shot.

      1. What has voting got to do with anything?

        You’re only provided with THEIR choices, so whichever way you vote is immaterial. If there IS a lesser of two evils, it can only be measured in fractions.

        1. 100 million guns, rotting in closets. What are they for? Killing each other in false flag “trayvon’ verdicts?? Take aim at those CEOs and get your asses in gear and take your country back!

  2. “Bankers long have complained the tax break is an unfair advantage for large credit unions. Now they see an opportunity to get rid of it as lawmakers begin work on a major overhaul of the tax code that is aimed at eliminating many corporate exemptions and lowering the overall tax rate.”

    Unfair? UNFAIR!!!??? So controlling the money and consolidating the banks is not unfair? Stealing our money and giving it to Israel is not unfair? Bailing the banks out and having them take vacations with the money rather than giving it to the people to help the economy out is not unfair? The banks giving all our money to move companies to China is not unfair? Funding an unjust war is not unfair? Laundering drug money is not unfair? Rigging the stock market and Wall St. is not unfair? Foreclosing on people’s homes is not unfair? But what’s unfair is that tax breaks are causing problems for large credit unions? That’s UNFAIR?????!!!! ARE YOU KIDDING ME???!!!!!

    1. You are dam right, we will have to increase our banking at Credit Union’s. I will start tomorrow, cut up bank card and get a card from Credit Union. Good as done. Only have one card as my line of credit bank billed me for the use of the card that I did not ever have a owing amount because I used it like a debit card for online purchase, put the money amount in the account before making purchases online.

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