That's an example. But what about the college student who lives in one state and attends school in another?
Different folks have different needs.
All I am asking for is equal tax treatment to business models that are essentially the same.
There are two ways to provide equal tax treatment: by taxing them all or by not taxing any of them. I prefer the latter.
Raising taxes is not the answer. Lowering taxes and equalizing regulation is the answer. The ultimate impact of tax increases is on the customer (bank) or the member (credit union).
You are obviously clueless and/ or brainwashed.
Nope.
But I do know that when my dad needed an auto loan, he was refused by the bank. It was the credit union that made it possible for him to buy a car. That is when we switched, and my family started out with small, community banks.
When the banks tripled his credit card interest rates (because they could), it was the credit union who stepped in with a lower interest rate.
You need to differentiate between the traditional credit unions with a true common bond field of membership and the quasi-banks running around masquerading as credit unions.
The latter are...the ones that make the rest of us look bad.
I agree to the differentiation to the traditional CUs to the more aggressive. If you recall, I pointed that out.
Franchise limitations between states in no way justifies different tax treatment. There are lots of banks that don’t cross state lines.
My bank approves loans that other banks won’t make. The fact that a CU approved your father’s loan when a bank wouldn’t is virtually meaningless. Different institutions have different tolerence for accepting risk. Whether a bank or a CU is involved has absolutely nothing to do with the approval or disapproval of a loan.
My bank offers 2 credit card plans. One currently carries a 12.9% rate and the other a 9.9% rate. Granted, we are the exception rather than the rule, but not all banks rape their customers. We have carved out a loyal niche with fair pricing and we still make decent money. Our asset quality is pretty darn good, too. We do not stick it to Joe 6-pack like most banks.