Bad feelings over the bailouts and extortionary bank fees have driven millions of Americans into the arms of local credit unions. But instead of luring them back with better customer service, Big Banks are using their lobbying might to kill off credit unions, attempting to destroy a crucial tax exemption that credit unions need to survive.
Big Banks sucked up over a trillion dollars in the bailouts, but now they’re claiming that credit unions are the biggest problem to the national deficit. Banks say that credit unions cost the government $1.5 billion in lost tax revenue, but if the banks get their way, it will cost us over ten billion dollars each year in higher fees and rates.
Congress gets back from recess this week, and banks are about to kick off a big lobbying push for the fall. The banks are trying to kill consumer-friendly credit unions so that they can raise rates with impunity -- but we aren’t going to let them.
Tell Bank of America and its cronies to stop their crusade against credit unions.
We can’t afford a future without credit unions. If we show the banks just how much this desperate gamble will backfire, the threat of bad publicity and another banking scandal will cause the banks to rethink their pricy lobbying push. Large-scale protests have forced banks to change their tune before, and once word gets out about the banks’ incredible greed, the backlash should send them packing.
Anytime that regulation is mentioned, bankers like to cry out about free-market principles. But banks use an army of lobbyists to shape legislation as they see fit. This time, they’ve gone too far in trying to take out the competition. If we all step up today, we can stop this in its tracks, and save consumer-friendly credit unions from extinction.
Tell the Big Banks to back off their bullying tactics and stop trying to kill the credit unions.
Banks pushing for repeal of credit unions' federal tax exemption, Los Angeles Times, 6 July 2013
Credit unions fight back against tax repeal efforts, Miami Herald, 8 September 2013