Credit Unions
In his letter to the editor, (“Depository law hurts credit unions,” March 16), Dade County Federal Credit Union president George Joseph cries the blues over fairness of granting depository choice.
He also points out credit unions are 100 percent member-owned, not-for-profit, and dividends are returned to members.
Um, this is why there are credit unions; and he spells out the differences. What Joseph fails to point out is that credit unions are dinosaurs and are irrelevant in today’s banking climate.
Credit unions want to have their cake and eat it, too. Well, they cannot. If they join the ranks of banks, pay taxes and pay fair wages, then please, become a bank.
Right now we are witnessing a consolidation in the credit union industry because they cannot make their business model work for them in today’s demanding services arena.
Jim Angleton,
Bay Harbor Islands
This story was originally published March 18, 2017 at 11:00 AM with the headline "Credit Unions."