MADISON, Wis. — Taking a cue from the industry's tax-exemptionspin, Wisconsin bankers were waging their latest anti-credit unionattack this week over financial fallout impacting a Superior CreditUnion caught up in the Norlarco/Huron River Florida landscandal.

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In a media broadside, the Wisconsin Bankers Association chargedthat loan losses at the $143 million Superior Choice CU relating toNorlarco CU of Colorado and Huron River Area CU of Michigan are newexamples of CUs “abusing their tax subsidy to engage in shakyadventures.”

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In a counter-attack, the Wisconsin Credit Union League calledthe banker complaints “simply more fiction and misstatements” offacts coupled with a distortion of the CU mission. The leaguepointed to CU success in helping low-income and small business, anarea ignored by the banking industry bent on undermining CUexpansion.

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The WBA lashing of Superior Choice on its $1.05 million loss inconnection with Norlarco participation loans and appearing on itsJune 30 call report came in a press release distributed earlierthis week to media outlets both in southern Wisconsin and theSuperior/Duluth, Minn. markets. Officials of Superior Choice werenot immediately available for comment.

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