WESTBROOK, Maine–Credit unions in Maine are being cautioned against reacting to an “attempt by bankers to pit credit unions of different sizes against each other.”
According to the league, the letter has not yet surfaced in Maine but has been seen in other states, where it encourages smaller and mid-size CUs to sign a letter urging Congress to tax “larger” credit unions.
Recipients of the letter in other states have said the letter is from a man describing himself as a “tax policy expert.”
“The reality is that credit unions of all sizes are not-for-profit, financial cooperatives with the same structure and focus – owned by and for members,” stated Todd Mason, president/CEO of the Maine Credit Union League, in a statement published by the league.
The Maine league responded by saying credit union members in the state collectively saved nearly $58 million in 2017 by using a CU.