A Letter to the Editor in the Wall Street Journal serves to remind all that one of the primary differences between a nonprofit and for-profit is who is the beneficiary of "ownership". The focus of the letter is credit unions and a reality that banks are continuing their effort to have credit unions taxed under the premise that credit unions offer the same services as banks. And it is true, credit unions offer the same services but mission is about members and access to financial opportunities that banks do not hold true for similar customers. Banks take little risk. Credit Unions are cautious but are willing to take risks. Bank profits go to shareholders. Credit Union "profits" are distributed in one fashion or another to the members.
Nonprofit status matters when it comes to being a credit union. Profits matter when it comes to being a bank.