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Bair Op-Ed Criticizing the CU Tax Exemption Is Misleading and Biased

The Defense Credit Union Council responds to a recent Washington Post opinion piece by former FDIC Chair Sheila Bair.

By Jason Stverak | February 12, 2025 at 09:00 AM
Credit/AdobeStock

Sheila Bair’s recent opinion piece in The Washington Post misrepresents the fundamental role of credit unions, their tax-exempt status and their impact on financial services. Her arguments reflect a biased perspective favoring banks, which have long sought to eliminate competition from credit unions despite enjoying their own advantages, including government bailouts, tax loopholes and significant regulatory benefits. The Defense Credit Union Council (DCUC), representing the credit unions that serve military members, veterans and their families, strongly refutes these claims and presents the following facts.

1. Credit unions are not “abusing their tax status” – they fulfill a unique consumer-centric mission.

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