Banker attacks on credit union savings raffles are disappointing but show no sign of derailing the national campaign to win lawmaker support despite last week's Iowa setback, according to a Boston-area non-profit.
The Doorways to Dreams Fund, a Roxbury agency dedicated to increasing economic security for low-income people through improved savings habits, said legislative success in Nebraska, Washington state and North Carolina trump the defeat of a bill in the Iowa legislature led by the Iowa Bankers Association.
The banking lobby had complained the prize giveaway promotions tied to savings accounts fostered a gambling mentality and unfairly undermined bank/CU competition particularly "given the tax exemption."
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
- Educational webcasts, white papers, and ebooks from industry thought leaders.
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.