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<p>TULSA, Okla. – Oklahoma Credit Union League President/CEO Bob Bianchini wasted no time in sending off a letter to Gov. Frank Keating addressing the “numerous inaccurate and false statements” about credit unions made by Mike Jacobs, CEO of First Pryority Bank, in a letter the banker sent to the governor and copied to Oklahoma’s six U.S. congressmen, “Mr. Jacobs is either unaware of the facts or is deliberately distorting the truth,” wrote Bianchini. In his letter, Bianchini referred to Jacobs’ choice of words, “normal banks,” and “credit union banks” as being “an example of the lack of understanding or knowledge off the very subject of which he writes. He also addressed the numerous “fallacies” in Jacob’s letter, such as misinformation concerning state-chartered credit unions’ tax liabilities, and reference to the banking industry as being credit unions’ “whipping boy.” In addition to sending his letter to Gov. Keating and members of Congress, Jacobs sent his letter to two U.S. senators, Oklahoma Senate Pro Tem Stratton Taylor, and State Representative Larry Rice. Jacobs sent his letter in response to Gov. Keating’s plans to include in his new tax revision a proposal to tax loans made by bank customers “but to not tax the loan customers of credit union banks.This is an outrageous proposal,” Jacobs wrote. “It appears that once again, the credit union banks have been able to make `campaign contributions’ to politicians and thereby escape any equality with normal banks, and politicians can put another nail in the coffin of the `whipping boy’ banking industry,” he stated. Jacobs also referred in his letter to Gov. Keating to a bill in the”Graham Leach Blilely Act” which he stated “would be overridden and Credit Union Banks would be allowed to get into the real estate brokerage industry but normal banks are of course, prohibited.” Responding to the banker, Bianchini wrote: “Throughout Mr. Jacobs’ letter there are many fallacies. These include misinformation regarding state-chartered credit unions’ tax liabilities (state chartered banks and credit unions pay the same taxes to the state), investment in their communities, political contributions, and competitive sharing in the financial marketplace. He attached a sheet with documented facts about credit unions for Gov. Keating to review. Jacobs acknowledged that “people get the best deal at credit union banks.” But as for his allegations that “bank customers are leaving in droves because of the advantages given credit union banks over normal banks,” Bianchini in his letter to the governor suggested Jacobs “should consider that customers might be going to those numerous banks that continually report record earnings at year-end.It appears that Mr. Jacobs is targeting the wrong enemy,” the league CEO wrote. -</p> <p>[email protected]</p>

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