The rampant hypocrisy in the position of the mega banks on the issue of credit unions is so glaring it’s almost hard to believe. Then again, there is nothing we shouldn’t assume when it comes to mega bank criminality and culturally destructive behavior after these last fews years of unlimited nerve, gall and theft. Why? They are above the law and they know it. From the LA Times:
WASHINGTON — Credit unions have been snatching customers from banks amid consumer frustration over rising fees and outrage over Wall Street’s role in the financial crisis.
Now banks are fighting back by trying to take away something vital to credit unions — their federal tax exemption.
Bankers long have complained the tax break is an unfair advantage for large credit unions. Now they see an opportunity to get rid of it as lawmakers begin work on a major overhaul of the tax code that is aimed at eliminating many corporate exemptions and lowering the overall tax rate.
Bankers complaining about an unfair advantage. Well isn’t that special.
Credit unions said the effort to take away their tax exemption was simply an attempt to stifle competition and remove one of the only checks on bank fees for consumers.