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(EMAILWIRE.COM, March 17, 2013 ) San Francisco, CA -- Banks will no longer win any popularity contests following the last half-decade of difficulty and strife felt by the average citizen.
Following one of the worst recessions since the Great Depression, the only sector of the economy that has fully recovered is those who put the rest of the country in the predicament to begin with.
It is either a brave or foolish plan for the Oregon Bankers Association to propose legislation that will target larger credit unions. Unlike banks, the credit unions are much more popular, and that is in part due to the fact that they charge a more competitive rate for loans. They are also more known for paying better rates than banks on savings, and that partially has to do with the very fact that they are not banks.
President of the Oregon Bankers Association, Linda Navarro, has acknowledged the legislators have not been set to remove the tax-exempt status of the credit unions. She also stressed that banks are concerned with the largest credit unions, and not all of them. House Bill 2486 targets the tax exemption of credit unions which hold loans that total over 10% of their total assets.
"I want to make it really clear that we agree that there is a strong place for credit unions," Navarro said.
The banks have a perennial target of credit unions' tax status, and the Legislature will routinely ignore the plea, and are likely to continue to do so in the future. That said, two other bills supported by the banks have some merit for discussion and discourse. The bills seek to make sure that all credit unions stick to the community-focus that they were created for. House Bill 2484 requires credit unions to file reports to the Department of Consumer as well as Business Services. House Bill 2485 seeks to apply the lending standards for underserved areas, which have similar requirements set on the Community Reinvestment Act, to the credit unions.
President of the credit union association, Troy Stang, made it clear that the credit union's cooperative and member-governed structure will ensure customer focus. However, any structure can weaken with improper maintenance of rule sets. It is easy for almost any business to lose focus when the bottom line continues to blacken.
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