I worked in the banking industry most of my life, spending 2 years at a credit union. They need to be assessed to bail out U.S. Central Federal Credit Union.
Keep in mind, CU’s don’t pay federal tax or any tax - now, on it’s surface that seems fine, but looking at it from the inside out - it’s a taxpayer rip off. Now, I know that they are owned by members, but the fact is they are not out to service the little people as they say they are with being the reason they were created in the first place.
Second step, CU’s should pay tax just like any other business.
I think you're both on the wrong board. People who think of themselves as “little people”, and call free enterprise and group financial cohesiveness “a taxpayer ripoff” are usually found on the more liberal boards where those ideas are now running our country....into the ground! The ideas that the two of you are espousing are socialist garbage and make me sick!