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Your Association’s Service Corporation
June 7, 2013
An economic analysis of bank and credit union data finds no evidence that state and federal tax policies give credit unions unfair competitive advantages over banks. Credit Unions vs. Banks: The Myth of the Uneven Playing Field is now available online.
ECONorthwest economists Dr. Randall Pozdena and Dr. Michael Wilkerson determined that credit unions’ tax structure has not positioned them to take market share from banks, that credit unions still serve a large share of consumers with modest means, and that credit unions do not unfairly benefit from not-for-profit tax status, all contrary to bank lobby claims.
The ECONorthwest analysis concludes:
“The ECONorthwest study finally brings new, data-driven evidence to counter the bogus arguments the banking industry repeatedly asserts in an attempt to undermine credit unions,” said Troy Stang, president and CEO of the Northwest Credit Union Association (NWCUA). “I hope the Wall Street bank lobby will now focus more on improving their own services to consumers, rather than on trying to harm credit unions and their members.”
The NWCUA has launched a website for consumers, http://www.nwcua.org/truth-speaks, which includes animated videos, the economic report, credit union community impact reports, and a direct connection to CUNA’s Don’t Tax my Credit Union site.
Copyright © 2013 NWCUA, all rights reserved.