CCUL President/CEO responds to anti-CU op-ed in Charlotte Observer
Wednesday, October 25, 2017
In response to an anti-credit union op-ed published online Oct. 19 in The Charlotte Observer, Carolinas Credit Union League President/CEO John Radebaugh submitted a response of his own, clarifying some of the facts and statistics used in the original article while highlighting the value and unparalleled benefits North Carolina's 4 million credit union members receive.
The push back against the credit union tax status has risen once more as a hot topic given Congress' focus on tax reform this year, but Radebaugh notes this opposition is nothing new.
"First, it is important to put things in perspective," Radebaugh states in the article. "This challenge is neither new nor untested. Each time it has been posed over several decades, citizens and Congress have reaffirmed the value of credit unions and consumers’ choice in the matter."
"From their early 1900s arrival in America and North Carolina, credit unions have been not-for-profits not only because they offer service where it has been lacking or withdrawn, but also because they are cooperatives owned by every account holder. In their boardrooms are volunteers making each decision – including compensation – to the benefit of members rather than stockholders. Furthermore, credit unions do pay property, employment and other taxes."
Yaël Ossowski's op-ed challenging credit unions' tax exemption ("Why should banks pay taxes while credit unions get a break?", Oct. 20) goes sharply to specifics, dismissing millions of North Carolinians who see nearly $430 million in benefit thanks to credit unions.