Like Daylight Savings Time, New Year's Eve, dentist appointments and oil changes, you can count on certain things happening each year in our lives. But let's add one more thing to that list: Arguments for taxing credit unions by bankers.
It's the political messaging version of your loud, and possibly drunk aunt coming over to your house to catch up and make you feel bad about the choices you've made in your life. But you hold firm in your choices and politely defend them without showing too much emotion. And then she's gone until next year. You stew for a while and complain to your spouse and then move on.
That feels like the life cycle of the pro/con messaging battle between the banks and credit unions. This argument has been going on for years with zero change to the tax status for credit unions. You can argue that it's just a matter of time before the tax status is removed. You can also argue that pulp-free orange juice tastes better than that disgusting pulp-filled version that only, I assume, psychopaths drink. That argument will get you just about as far as this back-and-forth messaging from both sides.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
