Looking back six years ago finds National Bank of CommerceChairman/American Bankers Association Governmental AffairsCommittee Chairman-Elect Ken Fergeson spouting off against creditunions. Vowing to fight credit unions for sake of family andcountry, Fergeson believes that since public schools, nationaldefense, roads and all other services administered by governmentare dependent upon taxes, and because CUs are tax-exempt they “donot contribute to this way of life. The credit union industry issubsidized by the federal government.” “Although I'm tired offighting a possibly losing battle I know that the cause is just,the enemy overwhelming so I won't give up,” said Fergeson. “Justlike credit unions, quitters are parasites. They live off the restof society. They are non-productive and contribute nothing that isgood for anyone other than themselves.” In a rebuttal, OklahomaCredit Union League President Bob Bianchini said Fergeson'sstatements are “misleading and inaccurate. I'd like to think hedoesn't speak for the entire banking industry. His characterizationof nearly one million Oklahoma consumers who are CU members asparasites is a vicious attack.” Fergeson predicts that despite thetouting of the “CU difference” credit union tax-exemption isdoomed. “It's only a matter of time,” he said.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 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.
