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Do CUs Have a Competitive Advantage?

WEST PALM BEACH, Fla. - The list of states where bankers have introduced legislation to tax credit unions is growing. So far, measures have been introduced in six states - a bill was defeated in New Mexico, and another was amended and passed n Utah to form a task force...

By Staff Writer | Updated on March 25, 2003

WEST PALM BEACH, Fla. – The list of states where bankers have introduced legislation to tax credit unions is growing. So far, measures have been introduced in six states – a bill was defeated in New Mexico, and another was amended and passed n Utah to form a task force to study the CU tax-issue for two years. Since bankers’ argue that credit unions should pay taxes as banks do because they provide similar services as the for-profit institutions, Credit Union Times compiled a credit union and bank profile of the states in question to ascertain if CUs have a competitive advantage as banks claim.

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