Florida Banking November 2023

branches in 45 counties in Florida and 26 counties in Georgia, where anyone can walk up and open an account if they live or work in that county. Credit unions are also crossing state lines; some credit unions in Jacksonville have branches in Georgia. Two Michigan credit unions purchased community banks on Florida’s west coast. That is a long way from the credit union’s headquarters and its original charter to help the low and middle class members who live in a compact geographical area. The time has come to tax multimillion-dollar credit unions that are not limited to a single employee group and their immediate families. Why not start with the

credit unions with assets of at least $500 million that do not have a single employee group? There is no reason they could not pay these taxes. If you are going to act like a bank, then you should have to be regulated and taxed like a bank. The time has also come to stop the charade of competition in granting credit unions public deposits. The study plainly shows that these credit unions have an unfair competitive edge compared to community banks of similar size. The federal and state governments should stop catering to this charade by taxing these mega banks disguised as not-for-profit credit unions.

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Rob Trott Relationship Manager rtrott@bankers-bank.com

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