Expenses Eat Away at CU Tax Advantage

Key Biscayne, FL - 11-12-2007 - Credit Unions have already given up their tax advantage, they just don't realize it.

"Credit unions have given up their tax advantage to cost inefficiencies," CUNA Mutual Group CEO Jeff Post said, explaining why he counts the battle for operating efficiencies among the top challenges for credit unions.

"Even if you look at the billion-dollar credit unions only, they are losing the expense game," he said. "Banks are winning this game, and it's a game we can't afford to lose. The expense game is crucial, and right now, expenses are eating up the credit union tax advantage." (CU Journal)