[Jenita]

Tension has always existed between credit unions and banks. When credit unions were first organizing in North America in the early twentieth century, the banking industry was opposed to it, and has remained so ever since. These tensions have only been exacerbated as many credit unions have grown, expanded their fields of membership to include large communities and whole states, and in the eyes of some, are indistinguishable from bank. Credit unions maintain that no matter their size or field of membership, the fact that they are owned by their members and not shareholders makes them fundamentally different than banks, and therefore continuing to deserve their non-profit, tax-exempt status.