MADISON, Wis. — Taking a cue from the industry's tax-exemption spin, Wisconsin bankers were waging their latest anti-credit union attack this week over financial fallout impacting a Superior Credit Union caught up in the Norlarco/Huron River Florida land scandal.

In a media broadside, the Wisconsin Bankers Association charged that loan losses at the $143 million Superior Choice CU relating to Norlarco CU of Colorado and Huron River Area CU of Michigan are new examples of CUs “abusing their tax subsidy to engage in shaky adventures.”

In a counter-attack, the Wisconsin Credit Union League called the banker complaints “simply more fiction and misstatements” of facts coupled with a distortion of the CU mission. The league pointed to CU success in helping low-income and small business, an area ignored by the banking industry bent on undermining CU expansion.

The WBA lashing of Superior Choice on its $1.05 million loss in connection with Norlarco participation loans and appearing on its June 30 call report came in a press release distributed earlier this week to media outlets both in southern Wisconsin and the Superior/Duluth, Minn. markets. Officials of Superior Choice were not immediately available for comment.