Did your colleague mention that Credit Unions don’t have to abide by the Comm Reinvestment Act? Did he mention that they don’t pay taxes? Did he mention that Credit Unions are available to ALL citizens in the counties in which they operate vs. previous rules that only allowed members within a specific class (ie., work for a specific company, etc.)
Credit unions are popular alternatives to banks. They are owned, in effect, by their depositors. Without corporate profits or shareholders to worry about, credit unions can offer higher interest rates on savings accounts and charge lower rates for mortgages, auto loans or other financial help.
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Another thing Credit Unions don’t have to worry about? TAXES! Credit Unions are a dinosaur, they should be held to the same standards as commercial banks.