| OCR Text |
Show TheSalt Lake Tribune Sunday, June 30, 2002 Al5 June 27, 2002 Dear Credit Union Members: As your neighbors and leaders of Utah's banking community, we wanted to thank everyone who took the time to vote in Tuesday's primary elections. We thank the candidates for running campaigns focusedon the issues important to our state and nation and we were happy to see that all candidates understand the importance of banks and credit unionsto our economy. However, in one race, the Utah League of Credit Unions and its largest memberspent hundreds of thousands of dollars in a surprising and somewhat mean-spirited campaign. We are concerned that the credit union's campaign literature would have you think that there are groupstrying to eliminate your credit union. Nothing could be further from the truth. Let us be clear - the Utah Bankers Association and its members have always recognized the importance of credit unions. In 1999, 103 of the 104 Utah state legislators adopted a credit union law that was supportedby both the credit union industry and ourbanking industry. A recent Dan Jones survey indicates the law is apparently working very well. The survey, conductedin May, foundthat over 90% of Utahns are satisfied with the numberof financial institutions serving their communities. And they feel that the competition between banks and credit unionsis fair and competitive. Like all tax-exempt entities, credit unions operate within certain limitations. Any credit union is free to expand beyond these limitations, and serve the general public, just like a bank, if they are willing to pay income taxes,also like a bank. In fact, during the past five years, 24 credit unions have shed their limitations by becoming taxpaying, cooperative banks. But, thepolitical activities of these large credit unions seemto indicate that they would like to have all the advantages of a bank, while keeping their tax-exempt status. With all the overwhelming issues facing our state and nation, includingthe economy, homeland security and funding Utah's education system, we are confident Utahns will focus on thereal issues between now andthe general election in November. Sincerely, ! | Moe Q 4—I LM i huh Dale Gunther Howard Headlee President, Bank of American Fork Chairman,Utah Bankers Association President, Utah Bankers Association iy Utah Bankers DEST |
