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News Now

CU System
League responds to Mass. bankers op-ed on tax exemption
MARLBOROUGH, Mass. (1/5/10)--A Monday opinion-editorial by the Massachusetts Bankers Association claiming that the national credit union tax exemptions needs rethinking was rebutted by the Massachusetts Credit Union League. “The Massachusetts Bankers Association’s predictable and self-serving response to the news that credit unions are growing is full of the usual inaccuracies and mischaracterizations that they always employ,” Rob Kimmett, Massachusetts league senior vice president of publications and marketing, told News Now. “We are in the process of finalizing our media outreach plans for 2010, which will incorporate a comprehensive approach for the ongoing banker misinformation campaign,” he added. Daniel J. Forte, president/CEO of the Massachusetts Bankers Association, was writing in Monday’s Worcester Business Journal in response to a Nov. 23 opinion piece in the Journal written by Southbridge CU CEO Jeffery Davenport titled “Credit Unions as Important as Ever” that advocated for credit union’s practices and principles. “While we too applaud the 100th anniversary of credit unions, Davenport failed to mention that so many credit unions have moved so far beyond their original membership ‘common bond’ that they resemble banks in every way, including doing commercial lending. Yet they are not required to pay taxes,” Forte wrote. To read the Massachusetts Bankers Association editorial, use the link.
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