Illinois Bankers Association

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SJ-R Publishes IBA Op-Ed: Tax parity needed in the financial services industry

Among other things, the IBA's Ben Jackson wrote, "Community banks in many markets throughout Illinois — most of them locally owned, small-scale family businesses — are competing with just over a dozen large, aggressive credit unions. Credit unions enjoy an exemption from income taxes, along with some sales tax breaks because of their historic mission to serve small, interconnected groups of individuals, along with underserved communities. But today’s large, corporate credit unions are not the mom-and-pop institutions of decades past. They now enjoy few restrictions on who they serve while growing at alarming rates. They have abandoned their core mission by focusing on lending to businesses and serving higher-income clientele. The biggest credit unions aren’t credit unions any longer — they are multi-billion-dollar banking corporations that don’t pay taxes."

Read the Op-Ed

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