Looking back 10 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," said D'Amours. "That's up next. If we win the FOM battle I can hear them 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.
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