Big Banks are using their lobbying might to kill off credit unions, attempting to destroy a crucial tax exemption that credit unions need to survive.
Big Banks sucked up over a trillion dollars in the bailouts, but now they’re claiming that credit unions are the biggest problem to the national deficit. Banks say that credit unions cost the government $1.5 billion in lost tax revenue, but if the banks get their way, it will end up costing us over ten billion dollars each year in higher fees and rates.
Congress gets back from recess this week, and banks are about to kick off a big lobbying push for the fall. The banks are trying to kill consumer-friendly credit unions so that they can raise rates with impunity — but we aren’t going to let them.