Banks and credit unions have long fought over whether the tax-exempt status of credit unions is justifiable. However, the battle launched into cyberspace on Friday when the Massachusetts Bankers Association unveiled a new Web site to air its views on the matter.
CreditUnionRuse.com is designed to educate the public about what MBA says are the unfair advantages credit unions have over banks and the “ruse” of the industry.
The Web site includes illustrations criticizing credit unions for acting like banks while suggesting the credit union industry’s tax-exempt status means it is getting away with something. Following the link titled “Funny, Isn’t It?” viewers will find comics to emphasize the bankers’ side of the issue. One of the cartoons shows a credit union employee acting like a stereotypical used-car salesman with a caption that reads, “We don’t do community reinvestment Â… we don’t pay taxes Â… I’m Bernie Schlock Â…come on down!”
The site also includes profiles of the three largest credit unions in the state: HarborOne Credit Union, Greylock Federal Credit Union and Digital Federal Credit Union.
Daniel J. Forte, MBA president, calls it a “tongue-in-cheek educational campaign.”
“We need to think of new ways to get our message out. It is a fun read and it tells an important story from the bankers’ perspective,” said Forte. “It doesn’t mean action is going to happen overnight.”
Forte said banks already have begun linking the Web site to their own. He said he would like to see it catch on, and the plan is to team up with other bank trade associations. He said he would like to see it evolve into a national campaign, adding that the effort is really aimed at the largest of the credit unions, the top 10 percent.
Rob Kimmett, senior vice president of marketing for the Massachusetts Credit Union League, said he is not terribly concerned about the Web site and compares it to political campaign bashing. He also said the site, in and of itself, is not impressive. He also mentions that the MBA attribution appears to be buried toward the bottom of the page, and does not really represent what a trade association may be expected to produce.
“The amount of energy they put into this would be better directed elsewhere,” said Kimmett.
