Wisconsin, fast becoming the nation's battleground for credit union-bank clashes over the tax exemption and CU to bank conversions, erupted anew last week with dueling press releases following a fresh appeal from the banking lobby to Congress tied to the debt crisis.

In fiery language, the Wisconsin Credit Union League accused large banks of contributing to the nation's economic woes and "failing to pay their fair share of income taxes" while earning huge profits off the back of consumers through extra fees.

The Wisconsin Bankers Association, which in a July 15 letter to the state's Congressional delegation claimed the "time is now" to remove the credit union exemption, shot back with an anti-CU attack of its own, arguing that in light of the urgency by federal and state agencies to find new revenue, the CU tax exemption has outlived its purpose.