We have an 11-year-old granddaughter, and I vividly remember her as an infant receiving a warm, comfortable blanket. Before long she was calling the blanket "Blanky." Blanky gave her comfort serving as a pillow, covering her when she was cold and when something upset her, she could always depend on Blanky for comfort. Today, Blanky is a shredded dim remnant of a blanket that would hardly even qualify as a rag, yet our granddaughter still clings to it. She no longer carries it everywhere, but she will not let our daughter throw it away.
Just like my granddaughter, the credit union industry clings to its tax exemption as the one thing that brings all good things to credit unions.
While we hang onto this crutch, the banking industry uses it as a club to beat back any change that would make credit unions more competitive. During the financial meltdown, TARP funds bailed out the profit-motivated banks. Credit union industry leaders said, "We can't ask Congress for help to cover our corporate credit union losses because it will hurt our tax exemption."
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