SALEM, Ore. (2/20/13)--Credit unions' tax-exempt status results in many benefits for Oregon residents, says the head of an Oregon credit union in an opinion-editorial in a state newspaper.
Credit unions "continue to grow assets, increase membership and invest in their communities," wrote Jean Wheat-Palm, president/CEO of Valley CU in Salem, Ore., and vice chair of the Northwest Credit Union Association, in a Sunday op-ed in the StatesmanJournal.com.
That trend validates that residents in the area find value by trusting their financial livelihoods "to a member-driven institution that helps families and local businesses," she added.
Wheat-Palm was writing in response to a board member of an area bank previously asking in a Guest Column on Feb. 13, what benefits are Oregonians receiving in exchange for credit unions tax-exempt status?
Preserving credit unions' tax status is the top priority in 2013 for the Credit Union National Association, according to CUNA President/CEO Bill Cheney.
Wheat-Palm noted CUNA "estimates Oregon credit unions provided $121,469,487 in direct financial benefits to the state's 1.4 million members during the 12 months ending September 2012."
Wheat-Palm concludes that "If banks (which still control 93% of all assets nationally) believe the state credit union charter gives credit unions an advantage over for-profit banks, they can solve their concerns by converting their bank into a not-for-profit credit union."
To read the op-ed, use the link.