And these guys have the gall to tell credit unions how to run their business?
The WBA (Wisconsin Bankers Association) says credit unions can’t do business loans because “they don’t have the expertise.”
The WBA says they don’t want credit unions doing business loans because credit unions get a tax subsidy. That’s a lie. Credit unions don’t pay corporate income tax because they’re a cooperative. There are over 80 Sub Chapter S banks in Wisconsin that don’t pay any federal income tax and a whole bunch got a federal bailout called TARP. Quite a few haven’t paid it back yet.
So how about the WBA quits pissing and moaning. At least until there are no more Sub Chapter S banks skirting their tax obligations and until all the banks in Wisconsin that took federal TARP bailout money pay it back. Just sayin’.