Earlier this week, the Wall Street Journal published an Op-Ed by Florida Banker’s Association president/CEO Alex Sanchez attacking the tax exempt status of larger credit unions. Sanchez focused much of his attention on Navy Federal Credit Union which has a large operation in Pensacola, FL. However, he also attacked two Florida-based credit unions, CFE FCU in Lake Mary and MIDFLORIDA CU in Lakeland.
While Sanchez’s attacks are nothing new, the LSCU responded by submitting a full response as well as a condensed version based on the the Wall Street Journal’s publication requirements and is in the process of proactively promoting the credit union difference in our local media publications. The League continues to monitor all state-level bank attacks, particularly as we prepare for the upcoming 2019 state legislative sessions. Updates on this coverage will be provided in LSCU Today and on this post.