posted on Dec, 5 2013 @ 02:42 PM
I'm surprised this thread has not received more attention.
Credits unions are non-profit, all profits are given back to it's members who can be taxed for that income. Credit unions offer lower interest loans
and do not their members monthly fees or other hidden fees just for the privilege of having an account.
It is a huge deal if this become law. Credit unions will have to charge higher interest rates on loans and will not be able to offer any kind of
reasonable interest bearing accounts. Smaller credit unions will likely go out business.
It is a rigged system when the big banks with their lobbying power can bully the smaller guys who have a better business plan because of that lobbying
power. Apparently the banks have been pushing for to tax credit unions for quite sometime yet yesterday was the first I heard of it. The one MSM
article I found made it sound like the credit unions were the bad guys because they do not pay the same taxes the for profit banks pay.
The big banks did a poor job of doing business and failed only to be bailed out by tax payers. That was not enough, now they are trying to tax their
competitors out of business.
The credit union tax my pass into law because the bill and the push from the big banks is being ignored by MSM and we can not voice our opposition on
a bill that no one knows about.