Whats the thorniest problem credit unions face these days?
Well, we’re always trying to fend off bankers that want to tax credit unions. The reality is that we do pay taxes as credit unions – payroll, sales and other taxes – but Congress excluded us from paying federal income tax in 1937 and reaffirmed that in 1958. But bankers always seem to go after us for this. It used to be periodic attempts by the bankers, but it has become incessant in recent years. That’s a battle we’re always fighting. What does the future look like for credit unions? It looks pretty bright. We’ve got a statewide campaign that talks about how credit unions provide financial services at a less expensive rate, and we feel there’s a good opportunity for everyone who joins a credit union. We look at credit unions as one of the best-kept secrets around.
