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Forum Post: Bank of America Trying To Kill Off Credit Unions

Posted 7 months ago on Sept. 16, 2013, 2:10 a.m. EST by Catelonia (51)
This content is user submitted and not an official statement

"Bad feelings over the bailouts and extraordinary bank fees have driven millions of Americans into the arms of the local credit union. But instead of luring them back with better customer service, Big banks are using their lobbying might to kill off credit unions, attempting to destroy a crucial tax exemption that credit unions need to survive.".....read on

http://action.sumofus.org/a/bank-of-america-credit-unions/?sub=fb

33 Comments

33 Comments


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[-] 4 points by beautifulworld (20419) 6 months ago

I bank at a credit union and I've never been happier. The reality is, we don't need the big banks. Thanks for the link.

[-] 3 points by Catelonia (51) 6 months ago

You're welcome. I had a conversation with one of the loan officers at my CU about OWS. I was amazed how knowledgeable and supportive she was of Occupy, this despite being in her late 50s

[-] 3 points by beautifulworld (20419) 6 months ago

OWS crosses all age groups. You should know that by now, Odin!

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[-] -1 points by anawhitestone (2) 6 months ago

The problem is doesn't cross the entire panoply of ideas. Not that all ideas should be implemented, but all ideas should have a chance to be heard or read. The hearers and/or readers should also have a chance to ignore.

OWS was a great idea. Many of its principles are excellent. However, the problem of censorship has destroyed it. It left many occupiers disenchanted.

We need something else. Another protest where the principle of democracy is implemented from the very beginning. A protest where everyone has a chance to participate. One really made for the 99%.

[-] 4 points by beautifulworld (20419) 6 months ago

If you look through the archive you'll see every issue under the sun discussed on this forum.

And, you are very creative with names. You should work for Hollywood.

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[-] 4 points by factsrfun (10721) from Phoenix, AZ 7 months ago

The banks have been attacking credit unions for years, thanks for posting.

[-] 2 points by Catelonia (51) 7 months ago

You're welcome. I was unaware of that , but considering the threat that credit unions are to big banks, it does not surprise me.

[-] 2 points by factsrfun (10721) from Phoenix, AZ 6 months ago

Consumer's Reports is about the only people who have covered the story but the lobbying effort goes back at least to the mid 1980's, I believe that separating the concept that "freedom" means using the power of your money in any way you want, this is not true it's just what the Kings want us to believe it.

[-] 4 points by LeoYo (4848) 7 months ago

In attacking credit unions, the banks are attacking the well being of the People so the People need to attack the well being of the banks. The People need to support state and municipal initiatives for public banks that will utilize fractional reserves to provide zero interest loans. When the ability to create money from nothing is only in public hands, banks will automatically be out of business.

[-] 1 points by gnomunny (5691) from St Louis, MO 7 months ago

I recently heard the TBTFs are doing what they can to prevent the spread of public banks as well. Something in the BASEL III accords about raising the capital requirements perhaps? Have you come across anything about this?

[-] 2 points by LeoYo (4848) 7 months ago

I haven't yet.

However, in dwelling about how all this is happening due to bankers already being organized to exert non-democratic political influence, I've come to the conclusion that a political party would indeed be the best way to organize the public against private political interests.

The FreeDA Party I have in mind would be nothing more than the two principles of political action that I've always advocated, namely initiatives and affidavits. http://occupywallst.org/forum/free-democracy-amendment/ The FreeDA Party would not run candidates for public office but would be centered upon national campaigns for the support of FreeDA compliant initiatives. When it comes to candidates for public office, FreeDA Party members would abstain from voting for any candidates that don't consent to signing affidavits of political support for specific FreeDA compliant issues. When candidates do sign, the FreeDA Party will only promote public acknowledgement of those candidates' support and acceptability for election no matter what those candidates' party affiliations are.

This basis for a political party should be appealing to the vast majority of independents and non-voters out there who are fed up with partisan politics and would like to engage in a national process of political self-empowerment in which their votes actually do count.

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[-] 1 points by gnomunny (5691) from St Louis, MO 7 months ago

Leo seems to be pretty up to date on the banking scene, so I thought maybe he knows some of the details. All I read was one sentence in an article somewhere. No details to speak of, but It makes perfect sense and goes hand-in-hand with this OP.

[-] 1 points by Catelonia (51) 7 months ago

Leo is a real asset to this forum and you're right, he probably would know the answer. You're also right too, it does seem like there is no love-loss between the TBTFs and the baby banks. Gee all this pressure those big boys are getting, I almost feel sorry for them, but I know better. On another note, I am on my way to NY now.

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[-] 4 points by LeoYo (4848) 7 months ago

Union National Cooperative Municipal Economic Initiatives

The Union National Cooperative Municipal Economic Initiatives invites the non-partisan political involvement of the cooperative community at the municipal level to protect their local economies from the ravages of corporate exploitation. Each of the following proposed ordinances can be adapted to suit the particular needs of a community and even be supported at the state level in any of the 24 ballot initiative states where citizens possess the democratic right to determine their state’s legislation. Other initiatives for establishing municipal banks, municipal hospitals, and municipal universities, should also be pursued for the general welfare of the local public.

1. No public service shall be under the management of a private sector entity.

2. No formula business outlet shall exceed the size of the largest local business outlet of the same category.

3. The number of business outlets for any formula business shall be limited to one outlet per every 50,000 inhabitants of the local municipal population.

4. All municipal businesses shall have local bank accounts in which their profits shall be retained within the municipality and not be exported to anyplace outside of the municipality.

5. All offshore exports to the municipality shall derive from foreign retail companies owned by natural born citizens of those countries.

http://occupywallst.org/forum/the-cooperative-union/

The success of implementing #4 & #5 throughout the country could cripple TPP efforts by preventing offshore products produced by transnational corporations from marketing their products onshore and in preventing corporations from accessing national profits to direct towards any corporate agenda while draining local communities of capital.

[-] 2 points by GirlFriday (21785) 7 months ago

Anyone know the names of the lobbying firm?

Odin? Anyone?

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[-] 2 points by GirlFriday (21785) 7 months ago

In the first six months of the year, the American Banker's Association has spent $4.5 million on lobbying listing 62 lobbyists on the payroll. That includes 33 who have gone through the revolving door and one former member of Congress -- former Rep. Jim McCrery (R-La.). The NAFCU has spent $1.3 million and has 13 lobbyists on its payroll. Only three of them are revolvers according to OpenSecrets.org data. Look here

Lobbyists representing American Bankers Assn: Total number of lobbyists: 62 Total number of revolvers: 33 (53.2%)
Names here

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[-] -1 points by TropicalDepression (-45) 7 months ago

OpenSecrets.org is an incredible website. Exposes a lot of information.

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[-] 0 points by gnomunny (5691) from St Louis, MO 7 months ago

That's a great site.

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[-] 1 points by gnomunny (5691) from St Louis, MO 7 months ago

I haven't checked out the Project Vote Smart site yet, not that I remember anyway. I'll have to do that.

Goodnight, my friend. 4:00 does come around quick. And we old folks need our sleep, heheh.

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[-] 0 points by gnomunny (5691) from St Louis, MO 7 months ago

I would expect no less, heheh. I do what I can to keep you on your toes. ;-)

[-] 2 points by DKAtoday (33128) from Coon Rapids, MN 7 months ago

Let us all work towards everyone pulling away from wallstreet Banksters and opening a credit union account. Credit unions are doing what Banks used to do - Investing/Supporting the Local Communities. - they are not gambling with our money nor are they betting against us.

[-] 1 points by GirlFriday (21785) 7 months ago

Not all credit unions are equal. I think people need to be aware of that. Secondly, it might be rather helpful to start pushing forward on some other changes. Changes that allow home buyers to acquire loans under $50,000 and this will probably help locally. Third keep on eye on those little lobbyists. That revolving door.

[-] 2 points by DKAtoday (33128) from Coon Rapids, MN 7 months ago

I would look for the strictly local credit union - not a national - as with a national - how do you know your branch resources are being used for your community?

[-] 1 points by MattLHolck (16833) from San Diego, CA 6 months ago

I would think banks would like credit unions

credit unions help convince the people that the current money creation through loans is reasonable

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[-] -1 points by TropicalDepression (-45) 7 months ago

http://www.moveyourmoneyproject.org/

November 5th this year is going to be a good one.

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