Looking back nine years ago, finds NCUA Chairman Norman D'Amours warning attendees at the 30th annual NAFCU Conference & Exhibition that the next battle with bankers will be over taxation.
"The answer to the FOM problem as posed by the lawsuit, is consumer choice. But the real problem is taxation. Credit unions control only 2% of the financial market, while banks control 98%. That 2% sounds like a lot to them. So there is a war being waged-and it's taxation. That's up next," said D'Amours. "If we win the FOM battle-I can hear it now-they'll say `Now that credit unions can take in anyone, they should be taxed.' "
NAFCU President Ken Robinson also cautioned credit unions to be wary of the banks' agenda.
"There is a clear and present danger...and that danger is that the banker efforts to crush the credit union competition are underway. The banker steamroller is moving. They want to get you out of business," said Robinson.
Also in that issue, a three-week strike between the United Food & Commercial Workers 1776 union and Pennsylvania State Employees CU seemed no closer to ending as negotiations once again bottomed-out.