Since applying federal corporate taxation to credit unions would expose significant risk to the insurance fund by reducing annual reserves by over 30%, it is only natural that credit union leaders have recently been looking out the window to see if the wolf's recent huffing and puffing about taxes is actually shaking the foundation of their movement or if this is just another passing wind.
Although perhaps arguable, the general consensus is that if the banks win the credit union taxation battle it will bring the end of the American credit union movement as we know it today. The stakes are unquestionably high.
However, contrary to the hopes of the banking lobby, the credit union house is not made of straw or sticks. With a brick house built over decades of member service and financial stability under a cooperative not-for-profit structure, the credit union system is incredibly strong and will certainly survive this blow.
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