X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Looking back six years ago finds National Bank of Commerce Chairman/American Bankers Association Governmental Affairs Committee Chairman-Elect Ken Fergeson spouting off against credit unions. Vowing to fight credit unions for sake of family and country, Fergeson believes that since public schools, national defense, roads and all other services administered by government are dependent upon taxes, and because CUs are tax-exempt they “do not contribute to this way of life. The credit union industry is subsidized by the federal government.” “Although I’m tired of fighting a possibly losing battle I know that the cause is just, the enemy overwhelming so I won’t give up,” said Fergeson. “Just like credit unions, quitters are parasites. They live off the rest of society. They are non-productive and contribute nothing that is good for anyone other than themselves.” In a rebuttal, Oklahoma Credit Union League President Bob Bianchini said Fergeson’s statements are “misleading and inaccurate. I’d like to think he doesn’t speak for the entire banking industry. His characterization of nearly one million Oklahoma consumers who are CU members as parasites is a vicious attack.” Fergeson predicts that despite the touting of the “CU difference” credit union tax-exemption is doomed. “It’s only a matter of time,” he said.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.