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A contributor on Forbes.com penned an article Thursday that lets the banking lobby have it for continuing its attack on credit unions' federally tax-exempt status.

Ryan Ellis, in "Credit unions, taxes and dishonest bankers," questions recent opinion pieces from banking trades, including the Florida Bankers Association and the American Bankers Association, for obfuscating the facts on what credit unions are and the reason for their exemption.

The piece also echoes information included in a recent Wall Street Journal letter by NAFCU President and CEO Dan Berger – which is linked within Thursday's post: that nearly one-third of banks are able to avoid federal income tax at the corporate level because they enjoy Subchapter S status.

Berger, in his letter, said credit unions have grown "not because of any tax advantage, but because they deliver services their members want at low, reasonable cost."