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September 22, 2014

Letter to the editor

In an interview with Bill Ryan (“Two decades of change in banking,” Sept. 8) the retired bank executive referred to the credit union tax exemption as “a significant competitive advantage.” The reasons that Congress granted credit unions a tax exemption are as relevant today as when they were granted in 1934. Because of credit unions' cooperative ownership structure, the institutions return all excess income to members in the form of higher deposit rates, lower loan rates and lower and fewer fees. The savings to Maine consumers last year was $37 million. Some financial institutions would like to erase from the minds of consumers the harm they caused during the great recession. But let's not forget, Maine's credit unions continued to lend money and assist the state's consumers when they needed the help most. Maine credit unions remain local, trusted and focused on helping Maine people.

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