mr. wilcox, mr. cheney states in his testimony that business alone net charge-offs rates for credit unions have been roughly one-fourth of the average for banks since 1998. accordingly, he argues that credit unions can provide business lending in a more safe and sound manner than banks. why do credit unions appear to have a lower net charge-offs rates from business lending than banks? is there a reason? is it the way they are regulated? is it the way they are pressed? what is it? >> it could have to do with some of that. i think mr. wilson spoke on a few of those facts. banks are under very strict regulatory requirements, especially as it pertains to charge-offs. we have hard caps on delinquencies. depending on the type of credit, it is demanded to be charged off. we face severe regulatory scrutiny. all the regulatory -- all the regulators do look at that on a very regular basis. they are looking from a safety and soundness perspective to be certain that the banks are not only managing their delinque

mr. wilcox? >> the changes that you inquired about simply don't go far enough first of all, but i, like mr. wilson, compete directly with credit union to my market that are in some cases for five times the size of my 230 million-dollar bank. they do use their tax-exempt status to very selectively target the loans that they would like to take and in a fashion that i simply cannot compete with on price and in many cases we do see increased to risk and loans that are not able to be underwritten in a safe and sound manner, taken on in some cases in the credit unions and the restrictions that are in place are there for a reason. they would like to enjoy their tax-exempt status and continue to do so, those goods -- restriction should remain in place that i would be the first to say, i would welcome all credit unions to make a subchapter s election to pass those taxes onto their members just like i pass on subchapter s community bank and our shareholders do pay the tax. we do not pay tax at the corporate