TALLAHASSEE, Fla.–This state’s bankers are speaking out in opposition to Senate Bill 1170 in the Florida legislature, which would allow credit unions to become qualified public depositories if they meet certain requirements.
“Our guys are totally against it,” Anthony DiMarco, executive vice president of governmental affairs for the Florida Bankers Association, told Miami Today. “To us, it’s ironic that they’re taking in tax money, and loaning it back out, when they don’t pay taxes.”
The bill has passed several committees and had “two more stops” before it hits the Senate floor on March 27.
“These are multi-billion-dollar credit unions,” DiMarco told the publication. “They make it harder for commercial banks to make loans,” and offer unfair competition because they are
non-profit organizations and so pay no taxes.”
DiMarco added that as credit unions take an ever-growing piece of the banking pie, “that is less and less tax revenue for the state,” Miami Today reported.