Why Are Big Wall Street Banks Attacking Your Credit Union?
After taking billions in taxpayer-funded bailouts, cutting small business lending, and raising rates and fees on consumers, big Wall Street banks are now working behind the scenes to eliminate Oregon’s credit unions.
We are under attack, but you can help. Take action today. Three anti-credit union bills are pending in the Oregon legislature. Please contact your legislator and ask them to say NO to the anti-credit union bills.
An OCCU Story: “We met with a member that had fallen behind on their mortgage payments. Due to reduced work hours and other circumstances losing the home was inevitable. Instead of making our member go through a difficult foreclosure process we transacted a deed in lieu of foreclosure and gave the member $3,000 in moving expenses. This allowed the member to bow out of the home gracefully while having enough money to get into a rental to move forward.”
The very banks that were subsidized by taxpayers to the tune of nearly $215 billion, are now calling on 1.4 million Oregonians to give up the benefits they are getting as credit union members. Absurd.
1.4 million Oregonians choose locally-owned, not-for-profit credit unions over banks for good reason. Credit Unions increased lending to small businesses, pay higher dividends on savings and IRA’s, and offer lower fees and loan rates for things we need like homes, cars and college. They deliver real value to Oregonians - $121 million in direct benefits last year alone.
An OCCU story: “I worked with members to refinance 3 properties. The process started over a year ago and was delayed by their bank and Fannie Mae. I was able to give them a plan of attack. As of today I am expecting final approval on all three of these loans. This will free up $1550/mo in mortgage payments alone and another $400(approximately) in consumer debt payments, which resulted from a job loss. They will be able to rebuild the retirement accounts they had to tap into to stay afloat during the recession.”
Banks aren’t telling the whole story: credit unions do pay taxes. Last year alone, Oregon Community Credit Union paid $1.3 million in taxes, including social security, medicare, federal and state unemployment, and property taxes.
Put simply, credit unions are good for consumers and good for the economy -- that’s why more people are leaving banks and joining credit unions.
Please contact your state representatives today and ask them to stand with you to protect the credit union tax exemption. Click here for a sample letter. Find your legislator and contact information here.
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