The powerful chairman of the tax-writing Senate Finance Committee is questioning whether credit unions still deserve their tax-exempt status.
"I am concerned that the credit union industry is evolving in ways that take many credit unions further from their original tax-exempt status," Senate Finance Chairman Orrin Hatch (R-Utah), said in a letter Jan. 31 to NCUA board Chairman J. Mark McWatters.
Hatch said the NCUA has relaxed field-of-membership constraints, opened the door to the use of alternative capital and lifted limits on business lending.
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