Stop Big Banks From Destroying Credit Unions

Big banks continue to rake in record profits, despite their role in tanking the economy. Many citizens have turned to credit unions for a fairer alternative. Big banks, through powerful lobbying dollars, are trying to destroy credit unions by calling for an end to their tax exempt status. Tax exemption is crucial for credit unions because the law prohibits them from raising capital by public stock offerings. Credit unions would have to convert to banks which could result in a banking monopoly and cost consumers billions through higher fees and interest rates, as well as lower interest rates on savings. We, the Citizens of the United States, ask the President and Congress to oppose any attempt to end the tax exempt status of credit unions.