Banker attacks on credit union savings raffles are disappointing but show no sign of derailing the national campaign to win lawmaker support despite last week's Iowa setback, according to a Boston-area non-profit.
The Doorways to Dreams Fund, a Roxbury agency dedicated to increasing economic security for low-income people through improved savings habits, said legislative success in Nebraska, Washington state and North Carolina trump the defeat of a bill in the Iowa legislature led by the Iowa Bankers Association.
The banking lobby had complained the prize giveaway promotions tied to savings accounts fostered a gambling mentality and unfairly undermined bank/CU competition particularly "given the tax exemption."
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