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.'”

Soukenik said “I am serious” about the verbal sniping, adding he took the remarks in stride as he and more than 10 community bank CEOs took part in a March 16 debut conference of the Community Depository Institutions Advisory Council of the Federal Reserve Bank of Cleveland.