Bankers' Trade Group Revealed as Owner of Secretive Anti-Credit Union Website

“ExploreCreditUnions.com educates the public about the changing face of the credit union industry, whether bank-like credit unions deserve special tax treatment, and whether credit union regulators are up to the task of managing this ever-more complex industry segment,” Sigmund said in explaining the motive behind the website.

He cited several controversial issues the ABA said should concern taxpayers, including sponsorship of sports teams by credit unions, and advertisements that openly state that “anyone can join” a particular credit union.

“We don’t think that is what Congress intended when it created credit unions to serve people of ‘modest means,’ and ExploreCreditUnions.com exposes their failure to meet that mission,” he added.

A sampling of posts on the website’s Facebook page and Twitter feed expands on those issues:

• “Money is power and some large credit unions are working hard to ensure (the) NCUA has none by finding ways to slash their own regulator’s budget. As if the NCUA wasn’t already falling asleep at the wheel … now it might not have ANY incentive to do its job!”

• “Could there finally be a congressional crackdown on (the) NCUA looming? We sure hope so, considering the agency continues to put taxpayers at risk with its nonchalant regulation.”

• “If credit unions are going to think like banks and work like banks (and now even buy banks), they also need to be taxed like banks – not given special tax exemptions.”

Carrie Hunt, NAFCU’s EVP of government affairs and general counsel criticized the ABA’s focus on credit unions.

“Bank lobbyists spend far too much time and energy on failed attempts to rid the marketplace of credit union competition, when they should be focusing on helping consumers and local communities,” she said.

Former NCUA Board Chairman Dennis Dollar said the website does a disservice to anyone who reads its content.

“In my view, this type of hidden source media campaign would have to step up a few notches to be considered honorable,” he said. “If you are going to try to manipulate people’s opinion with one-sided information, at least own up to who is doing it so the reader can at least consider the source.”

He added, “The ABA must not be very proud of this website if they took it down rather than put their name on it as the source.”

John McKechnie, senior partner at Total Spectrum, criticized the ABA for not publicly owning the website and for being “consumed with anger toward a much smaller competitor.”

“Maybe this is a symptom of what we should call ‘credit union derangement syndrome,’” he said.” Some of the stuff on that website borders on the unhinged.”