I have never seen anyone from the credit union industry make the following argument regarding the credit union tax-exemption. If the banks truly want a "level playing field" they should not be allowed to sell stock in order to raise capital. Credit unions' only source of capital is profits. Maybe if the community bankers gave up their stock holdings, stock grants, stock dividend checks, and stock potions, not to mention their enormous profits when they sell the bank, they would realize what an advantage they now have. Bob Wallhausen President GPC Credit Association Atlanta, Ga.
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