NAFCU Dispels Bankers Myths with Reality
ARLINGTON-NAFCU has put together a two-page Myth v. Reality compilation of bankers' allegations about credit unions to share with members' lawmakers and with the media. The first myth they provide is that bankers say credit unions do not pay taxes. According to NAFCU, credit unions pay many taxes, like payroll and property, and fees. Bankers also claim that many credit unions are no different than banks because of how they have evolved. However, NAFCU counters that credit unions' defining characteristics, such as non-profit and limited membership, are precisely how credit unions are different from banks. NAFCU also has created a one-page fact sheet on credit unions. It includes tidbits like the credit union industry only has 7% of the assets of FDIC-insured institutions. JPMorgan Chase with $628.7 billion in assets has more assets than the entire credit union community ($610 billion). Both are available for download at www.nafcu.org.