If credit unions want to be allowed to accept supplemental capital, they should agree to pay federal taxes, said Keith Leggett, ABA vice president and senior economist.
"It's another attempt by credit unions to be more like banks. And if they want to do that they should pay taxes, it's a fair tradeoff,'' he said.
Leggett said a bill introduced Thursday allowing non low-income credit unions to accept supplemental capital in certain cases also raises safety and soundness concerns.
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