Wisconsin CU League News Release - 8/13/12
Credit unions' strong financial results represent consumer savings, not "subsidy"
Pewaukee, WI - “The broken record
repeats,” said Brett A. Thompson, President & CEO of the
Wisconsin Credit Union League. He was reacting to the latest tired
refrain by the Wisconsin Bankers Association (WBA), which followed
regulators’ assessment of Wisconsin credit unions’ mid-year
financial position. Credit unions are cooperative financial
institutions that pay millions in taxes annually while saving members
millions each year compared to what they would have to pay at banks.
The WBA's intentional mischaracterization of credit unions’ net income as a tax “subsidy” and its misstatement of credit unions' mission as to serve only those of "modest means" are no accident. WBA continues to repeat them in hopes of obscuring the true facts:
“Banks’ own role in the financial turmoil of recent years
and relentless fee increases have led consumers to pay closer attention
to who realizes the perks of their patronage and where profits
go,” Thompson said. “Consumers have realized that they
themselves benefit when earnings from their financial institutions are
returned to them rather than going into the wallets of just a few.
That's why the increase in net revenues of credit unions so far this
year is nothing but good news for Wisconsinites.”
©2005 Wisconsin Credit Union League. All rights reserved.