2019 wrapped up in record fashion for the nation’s largest credit unions. And unfortunately for American consumers and taxpayers, what’s good for these so-called “not-for-profits” isn’t good for the people that pay the bills. Let’s consider just a few issues from the year that was.
- Unchecked bank buying – 18 deals in a single year.
- Snapping up professional stadium naming rights and sponsoring college football bowl games.
- Paying CEOs millions with scant disclosure.
- Paying zero rent on American military bases while banks get no such benefit, limiting financial choice for service men and women and their families.
- And, of course, not paying billions in federal taxes.
All while the industry’s regulators acted more like cheerleaders than officials charged with providing proper oversight.
Credit unions cannot continue playing on an unlevel field on these issues and so much more without causing further damage to the integrity of our financial services system. We’ve kept tabs on all of this here.
Stay tuned, unfortunately, for more in 2020.