WASHINGTON — Despite a lot of noise created by the bankers over the credit unions' "tax subsidy" as an unfair advantage, a new Government Accountability Office study shows that banks tax savings are far more than credit unions.

"This study provides conclusive evidence that all the moaning and groaning by the big banks about unfair competition from credit unions is unfounded," Senator Bernie Sanders (I-Vt.), who requested the study, commented. "The big banks' profits are going up and up, as is the compensation of their CEOs, while credit unions have remained focused on providing financial assistance to middle-class and working families. The benefit that Americans get from credit unions outweighs by far the cost of the credit unions' tax-exempt status."

The study also showed that banks' tax deductions totaled $108 billion in 2004 and tax credits tacked on another $200 million. By comparison, the Treasury Department has estimated that the value of the tax-exempt status for credit unions will total only $1.4 billion this year.