WESTBROOK, Maine (2/3/14)--The Maine Credit Union League is reinforcing the importance of "Don't Tax My Credit Union" after it learned about a Maine Bankers Association (MBA) letter to U.S. Sen. Angus King Jr. (I) and other Congressional delegates.
The letter, signed by MBA President Christopher Pinkham and Chairman Rick Vail, urged King to "reconsider your position on continuing a tax-exemption for the trillion dollar credit union industry. Credit unions have moved sharply away from their original mission while growing substantially in size."
"It's the same old, tired arguments from the banks and, honestly, takes a lot of nerve for them to write it, in light of all of the issues the banks have had in recent years," said league President/CEO John Murphy (Weekly Update Jan. 31). "However, it serves as a reminder of the banks' ongoing state and national efforts to attempt to restrict credit union operations and taxation."
During the holiday season, advocacy efforts had slowed, but Murphy said credit union involvement in advocacy is "more important than ever."
Positive media coverage and record-high membership keep credit unions' profile high and solidly in bankers' sights.
"The credit union structure as member-owned cooperatives, and the focus on members is very compelling and one that the banks cannot counter," Murphy said, "but we must remain engaged on this issue and highlight the differences between credit unions and other financial institutions at both the federal and state level."