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The credit union tax exemption continues to evoke bank-CU clashes–even at one of those information-gathering Federal Reserve meetings aimed at demonstrating grassroots harmony.

In this case, according to Gary Soukenik, president/CEO of the $770 million Seven Seventeen CU of Warren, he was verbally accosted “in the elevator on the way up to the meeting” by a handful of community bankers who chided Soukenik for CUs holding the exemption advantage. “And I simply responded, ‘why don’t you convert if you think the grass is greener and you think so much of the credit union charter.’”

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