Wednesday, May 18, 2011 12:10:00 PM
NJCUL President/CEO Paul Gentile has been strongly responding to bankers' attacks on credit unions' tax-exempt status in the local press this week. In his most recent defense of credit unions, Gentile, in a letter appearing in the Press of Atlantic City, responds to another guest column by New Jersey Bankers Association President John McWeeney.
In his column published in the Press on May 16th, McWeeney claims that credit unions' tax breaks give credit unions an unfair advantage over banks.
Gentile again strikes back, explaining that credit unions "earn that tax-exemption every day"; it is returned to the members as better rates and lower fees.
As for McWeeney's claims that credit unions are overstepping their mission of serving the underserved - and that banks do a better job of it - Gentile explains that "credit unions play an important role in helping our economy move forward" and "consumers deserve choice."
"Atlantic City is a good example of an underserved area being served by credit unions," he continues. "ABCO Federal Credit Union has a bilingual branch located in the heart of Atlantic City to provide the underserved Spanish-speaking population a place to do their banking."
"New Jersey credit unions are truly providing consumers with 'Banking You Can Trust.' We are member-owned, have no outside shareholders to please with profits, and offer a better deal," Gentile concludes. "That's our story."
McWeeney's letter is available here.
Gentile's response is available here.