Spring fever is in the air. Or hay fever. Some kind of fever has policy makers in Washington not thinking very clearly.

Though not specifically discussing the credit union tax exemption, President Barack Obama called for a reduction in "tax expenditures" so that there will be enough to lower tax rates and the deficit. By tax expenditure he means your credit unions' tax-exempt status, among others. Yes, the government is now going after not-for-profits to prop up its ludicrous spending. The president framed it as $4 trillion in savings over 12 years.

This would be a bad public policy move. President Obama's campaign promise was about change for a better America now and into the future. Taxation of credit unions would serve to decrease their services and service areas, including areas that are not being served by other regulated financial institutions. Credit unions branch into areas that banks wouldn't touch because the return on investment is not there. That is credit unions' purpose–to care more about the people they're serving than bolstering profits. Credit unions still need profits and should follow ROI, but making money is not their sole purpose. Texas Dow Employees CEO Ed Speed, who is a reformed banker, recently said that he enjoys working in credit unions because it allows him to be a good business person and ethical.