What's the difference between a "big bank" and a credit union? Credit Unions are member owned not for profit cooperatives. That means that all profits are returned to the members in the form of lower rates on loans and higher interest rates on savings.
The Iowa Senate is proposing a budget that lowers taxes on banks by 50% and increases taxes on credit unions. This will lead to raising taxes on the 1.1 million credit union members in Iowa.
Something shady is going on here. Listen to the complete interview with Matt from Ascentra Credit Union. He can explain it better than I can.
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