Credit unions received a good placement Thursday in Forbes when Ryan Ellis posted a column calling the bankers attacks on credit unions dishonest. He specifically references a recent op-ed column from Florida Bankers Association CEO Alex Sanchez in the Wall Street Journal and American Bankers Association CEO Frank Keating referencing the NFL dropping its non-profit status, so credit unions should also.
Ellis lays out the bankers arguments and then uses the credit union structure to refute their claims. He shows how credit union members pay taxes on the interest they earn. He also uses some tongue in cheek references to ask how saving members money on things like a mortgage is fair? Ellis points out that, “banks have the inverse business model.”
At the end of the column he writes that banks aren’t interested in tax reform, they are interested in higher taxes for competitors. He also writes that the ABA’s Keating, “has a long history of rent-seeking and looking for big government/high tax solutions on behalf of his big business employers.”
Read the full column on Forbes website. Ellis is one of the leading tax and political experts in the country. He works for Americans for Tax Reform.