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SNOWING DEEP ON THE COMMUNITY BANKERS

March 15, 2006

Treasury Secretary John Snow, fresh from piling it on deep for the Credit Unions, visited Americas Community Bankers annual Government Affairs Conference yesterday. Let's compare and contrast his remarks to the bankers with those to the credit unions.

TO THE CREDIT UNIONS:

I meet and work with financial leaders every day, but I can easily say that Credit Unions have the most heart. Your motto rings true to your culture: "not for charity, not for profit, but for service."

TO THE BANKERS:

Community banks, including many of ACB's members, form the backbone of our local communities. You understand the businesses in local communities and are vitally important for ensuring that credit for investment continues to be made available in your communities.

Short version: credit unions = "heart"; community banks = spine and brain. Advantage: banks, I guess.

One time my wife told our impressionable child that she supported her favorite political party because the other one, which I tend to favor, was "heartless." I quickly noted that her favorite party was "brainless." Perhaps a similar dynamic is going here (but without an ensuing frosty silence).

TO CREDIT UNIONS:

We don't want less small-business lending. We don't want fewer home mortgages. We want a continuation of your tax exemption and we want to continue to have a strong relationship with a group of financial institutions that are dedicated to their communities, who want to see their customers educated and financially literate.

TO BANKS: