Credit unions angry over surprise 'bailout tax'

stars and Stripes ^ | February 14, 2009 | Tom Philpott

[April Lexington]

Geee midcop... wouldn’t you think the people who cratered the Mother Ship should be punished (if not incarcerated)??? Since when did it become legal to loot banks and credit unions???

[SunkenCiv]

Federal credit unions, including those serving millions of military patrons, are fighting to keep off their books nearly $5 billion in charges that regulators have assessed to bail out... [t]he U.S. Central Federal Credit Union

Credit unions are member-run organizations. Can't have independent entities running around with financial resources, now can we?

[unique]

Relax or you will be sick, dog.

OK, perhaps little people was pushing the envelope, but the fact is that credit unions were formed to provide services in poor areas of the country - areas where the banking industry wasn’t doing a good job.

A story - when I was working for a CU, I knew of a business that had a lot of low paid workers (around 500) that didn’t have access to a CU. I was informed that that group wasn’t what the CU was looking for - way to many lower paid workers, probably a lot of turnover, etc.

So, CU’s are lloking out for themselves - not even attempting to serve people in poor areas - they deserve to be taxed just like any other business, dog.

[unique]

Right on!

I see pepperdog attacked both of us, hopefully he will not get sick over this as noted.

Anyway, CU’s have an unfair advantage by not being taxed - that advantage sort of made sense when they were formed, but as they have grown into Billion dollar institutions that is no longer the case.

[pepperdog]

You just can't help yourself can you? What in the world makes you think Credit Unions were formed specifically to help “poor people” in “poor areas” of the country where “banks weren't doing a good job”?

I don't doubt that a CU, which is made of of the members who are the owners, declined to give credit to low paid workers. It is up to the board which is running the credit union, the board is elected by the members and will, hopefully and unlike our federal government, carry out the wishes and desires of the members. And if the members, as represented by the board choose to not let a specific company in it is their right.

Have you perchance bothered to see what happens when you give credit to people who stand little chance of paying the loans back, it is exactly what has caused the current economic crisis.

I submit to you that Credit Unions are looking out for their members, who are their owners and there's is nothing wrong with that. Your constant call for increased taxation is really taxing and certainly at odds with any conservative view I know of.

[pepperdog]

Learn protocol! You should addressed me when you mentioned me to AmyNeal7252. It is one of the rules of this board.

[unique]

Learn protocol! You should addressed me when you mentioned me to AmyNeal7252. It is one of the rules of this board.

Rules? Are you also insane? Just go away.

[Angry CU employee]

Yeah I work for a Credit Union too and I think it is bull! Now we are forced to cut all of the projects we are working on to better the community because some dumb asses couldn’t manage their money properly! Socialism is right... I think we may as well all move to Canada at this point!