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CU System
Pa. assn. responds to bankers potshot at tax status
HARRISBURG, Pa. (10/14/11)--A potshot at credit unions' tax status by banks in a letter to the editor of the Harrisburg Patriot-News Wednesday drew strong response from Pennsylvania Credit Union Association (PCUA) President/CEO Jim McCormack. McCormack quickly responded with a letter to the letter from Jim Biery, president of the Pennsylvania Bankers Association (Life is a Highway Oct. 13). Biery blamed bankers' fees on Congress and regulators' interchange rule and said credit unions act like banks, face less regulatory oversight and pay no federal or state taxes. "Despite Mr. Biery's assertion, credit unions do not hold an unfair advantage over banks and do not face a lower level of government oversight," McCormack wrote. "In fact, one could argue that credit unions face more regulations and limitations from government oversight than banks. If credit unions did have an advantage, don’t you think we would see more banks converting to a credit union charter? To my knowledge, that’s never happened." McCormack took the opportunity to point out what consumers can do about banks' high fees. "Now is the time for consumers to evaluate the fees they’re being charged and to shop around for a financial institution that best suits their needs. For many that financial institution may be a credit union," McCormack wrote. He urged consumers "to find a credit union that’s right for you and steered them to PCUA's credit union locator, ibelong.org.
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