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December 18, 2003 <br />Page 2 <br /> <br />It is interesting that credit unions have been targeted as a new source of income <br />because they are better at serving Virginians than many other financial institutions. <br />It is no accident that people choose credit unions for their customer service and help <br />in small financial matters. The complaints against the out-of-state mega banks keep <br />growing and growing, and one can only wonder whether the desire to impose an <br />income tax on credit unions is an attempt to gain consumer accounts by eliminating a <br />marketplace competitor. Credit unions are not competitors for banks on commercial <br />lending, but credit unions are the last remaining bastion of competition for individual <br />accounts that banks have left since the demise of the savings and loan industry. <br /> <br />Virginia credit unions are about people because they are service-oriented, member- <br />owned, not-for-profit cooperatives, operating solely for the benefit of their member- <br />owners. More than 50% of Virginians are members of credit unions and benefit <br />from their services, higher savings rates and lower cost loans. On behalf of the credit <br />unions in your community and throughout the Commonwealth, we appreciate your <br />support and urge you to join us in voicing your opposition to any proposal to add <br />another tax on Virginia's credit union member-owners. <br /> <br />Sincerely, <br /> <br />Richard D. Pillow, CLE <br />President <br /> <br />VIRGINIA credit union LEAGUE P.O Box 11469oLynchburg,Virginia 24506-1469 800.768.3344 <br /> <br /> <br />