Why Are Big Wall Street Banks Attacking Your Credit Union?

Call To Action

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.

Comments

I doubt the (Democratic) legislators listed above would be the ones voting to harm our credit unions. Who can we contact that might be voting for these changes?

I don't want big banks and Wall Street taking over anything!!

What it really boils down to is that Americans gave banks a chance. We made them filthy rich and they hammered us into the ground (see economy and housing crises). So we took our business and monies to credit unions and the banks just aren't as profitable as they were so they are pissed. Now they are going after the credit unions but it's not going to work. We have had enough.
As far as the salaries go, I really don't care what they made. Is it fair? No. Is there a better place for that money to go? Yes.
But really, whatever OCCU is doing, I want them to keep doing and NOT CHANGE A THING cuz it's working!! It must be working for all of you too based on what is being posted.

Leave my credit union alone, period. I'm an old lady with an account at OCCU that I've had for about 40 years. I've seen the gov.take away just about everything but spit and I'm sure they'er after that too. It's all about greed and just plain meaness. People are getting meaner and meaner, and greeder too and do you know why? It's the advertising that we are subjected to. You know the ones that say, "I'm worth it." and "You deserve the best." and all that crap. It gets people to thinking that they are entitled and then they get to thinking that NEED all that stuff and then they just start taking whatever they want regardless of who it might hurt. Those video games are ruining our youth, (older people too.) Go outside for goodness sake and look around at what's real before it's too late.
Life is short....real short.

(Richard Dwyer) was paid over $700,000 in 2011 and the CEO (Amanda Jones) was paid $380,000. Note the average income in Oregon was $26,561 in that same year!!!!
Outrageous, Outrageous....A little heads up here!!! These two peole are being paid way too much. Cut it out.

Are these salaries way more than the CEOs of "regular" banks make? On a national scale, they're practically the janitor's salary at Bank of America, Cap One, etc. The Oregon football coaches make many times more.

As for the rest of it, anything the Legislature does to raise the expenses of our credit unions, steals right out of the CU's customers' pockets. Another rob the poor to pay the rich scheme. The 7.5 million in increased state revenue is increased taxation on CU members.

Hopefully, these bills will go nowhere. I like the deal I get with OCCU. Lousy return on savings, but so many services that banks charge their customers are free to CU members. We joined for a reason.

The text above says STATE legislature, so it's best to write your local reps - here's a link that'll automate the process: http://www.leg.state.or.us/writelegsltr/

Please consider my opinion that all for profit banks are as was quoted by Andrew Jackson “ a den of vipers.” I bank at a credit union to exist in today’s world at the best way to avoid the parasite on society that is the Federal Reserve and large banks wall street banks. Please fight against this push for me. Usury is a sin and although I cannot free myself from it yet, a credit union is the lesser evil in today’s world and is the step towards freedom if people in this country truly believe in it. Our country is nearly bled dry from the money changers and you can see it in our countryside. Imagine what our country would be like now if the Federal Reserve was never created. We would have real wealth and prosperity and not be fretting about lack of timber funding or government subsidies. We would have real money circulating locally and prosperity. As is stands now most of our wealth is funneled out of the state to wall st and corporate coffers. Please don’t sell us out.

I also am very happy woth OCCU except that I just found out that their director of financial services (Richard Dwyer) was paid over $700,000 in 2011 and the CEO (Amanda Jones) was paid $380,000. Note the average income in Oregon was $26,561 in that same year.

http://www.registerguard.com/web/news/sevendays/29510398-47/credit-union...

I don't believe anybody needs that much money. How about just taking $100,000/year? That's only 4 times more than the average Oregonian instead of 30 times. With 100,000 members we could give everyone a $10 bonus once a year or invest in our community with those extra hundreds of thousands of dollars that being taken as profits.

To me it looks like the banks aren't "attacking" our credit unions, rather, they are blowing the whistle on our credit unions who are paving the way to their own demise at the behest of their uncontrolled greed.

I have just contacted Rep. DeFazio (after doing a search on these bills) and am waiting......in the meantime as much as I love U Lane O........non profits have gone unchecked and have been exploited. PeaceHealth is a non profit and made bundles of money. Is this all about accountability? If so, then I'm afraid in these days more transparency is best.

I'll come back and post my results and my conclusions. I've been w/ULaneO for almost 40 years and there isn't a finer Institute but businesses, especially non profits DO make tons of money and as I stated: transparency is a must in these days and these times.

Ravi, i do believe the big banks fight to keep CU's out of the business banking sector. Rules are far tighter on CU's. as far as taxing CU's, when the salaries of some CU presidents (not occu) appear to be excessive for duties performed, how can they be called "non-profit"?

Thank you for alerting me to these bills. I will be writing my legislators and telling all my friends who use credit unions about these awful bills. Let's keep Credit Unions as they should be, there for the working class people and those fed up with Banks and their awful, illegal actions.

Jason is on target that citing the specific bill numbers would greatly enhance our ability to lobby our legislators on this. The bill numbers are not cited in the Register-Guard story either. I believe the bills this alert refers to are (summarized titles are mine):
House bill 2484: Detailed reporting of services to businesses, low income
House bill 2485: Require Community Reinvestment Act-style reporting
House bill 2486: Impose corporate excise taxes on CUs

Here's who to contact and how. My emails have been sent...have yours?? Out of state members can send as well. Use your former Oregon address.

Federal Senators
Sen. Jeffery A. Merkley (D)
E-Mail: http://merkley.senate.gov/contact/

Sen. Ron Wyden (D)
E-Mail: http://wyden.senate.gov/contact/

Federal Representative
Rep. Peter A. DeFazio (D)
E-Mail: https://forms.house.gov/defazio/IMA/contact.html

State Senator
Sen. Lee Beyer (D)
E-Mail: Sen.LeeBeyer@state.or.us

State Representative
Rep. Phil Barnhart (D)
E-Mail: Rep.PhilBarnhart@state.or.us

Basically bankers argue Credit Unions ought to be taxed like banks. The bills are:
HB2484, HB2485, and HB2486

Here's a news article giving some perspective.
http://www.registerguard.com/web/news/sevendays/29518000-47/credit-union...

This is an outrage! The CEO's of banks should be prosecuted as in Iceland, and credit unions and their customers should be protected for their choices to leave banks!

So what are the bill numbers?

Just contacted my legislators

We HAVE to come together and make sure this doesn't happen OCCU is the ONLY bank I trust... I dunno about you guys... We have to make this happen!

I normally don't pay much attention to 'causes' or the like. But I have been a VERY happy and loyal OCCU member for many years now. I refer other 'responsible' people often. I happened to see the flashy banner OCCU has on their home screen and am MORE than happy to throw my name in and WILL gladly write my legislator and anyone else to tell them to leave my credit union ALONE! I have been with many banks and always had complaints. I have not had ONE with OCCU. I'm so grateful to have at least one business I can trust, it's the least I can do in return. :)

Not to state it so forcefully as to appear 'disgruntled', but banks are a huge part of what is wrong with our country today. ANY alternative in lending (short of Guido and Tony Two Fingers) is to be protected and encouraged. I have to echo my brother Ravi's statement that I would like to see the services of credit unions expanded into business. My use of OCCU in business makes it appear that I have far more consumer credit debt than I do. A bad thing.

This big Bank Initiative is not supportable. OCCU member since 1959 and happy to remain there.

Seconding the comment by Liz. I live out of state but am very loyal to OCCU and will stay with them for all my banking needs for as long as they're around! How can we out-of-staters help out?

I'd love to see some of that extended credit to businesses OCCU still only does personal credit cards, no business lines of credit according to their staff on the phone.

For credit unions to step up, as this story describes they need to move more aggressively into the business segment where they really don't still compete with banks.

For instance OCCU has a max spending limit on their debit cards of 6K per day, which can be raised under no circumstances. This is unacceptable for business use, and with no business credit card offerings the only solution is to pay for a less secure or slower transaction (like a wire transfer).

We now live out of state, but are very loyal to OCCU. What can be done by out-of-state members?

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