Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HARRISBURG, Pa. – David Zuern, incoming chairman of the Pennsylvania Bankers Association and representatives of local banks met with U.S. Treasury Department Assistant Secretary for Financial Institutions Wayne Abernathy on April 26 at a roundtable discussion hosted by U.S. Rep. Todd Platts (R-Pa.) and tried to press the Treasury official to reconsider the Bush administration’s position on the taxation of credit unions. At the meeting which was also attended by about 20 credit union leaders, Abernathy restated that the Treasury Department is “not in favor of taxation of credit unions and is not entertaining taxation of credit unions.” He added that “any time you tax anything you get less of it” and that credit unions had provided needed financial services to many Americans. Pennsylvania Credit Union Association President/CEO Jim McCormack expressed his appreciation for “the support of the Bush administration, Treasury Secretary Snow and Assistant Secretary Abernathy on this issue. Clearly they understand that the structure of credit unions justifies their tax status under federal and state law.” Abernathy stated that he believes his “prime directive” as a regulator is non-interference with institutions striving to serve their members. “One of the great strengths of our country is our wide selection of choices for financial institutions,” where the customer ultimately decides which financial institutions to use, he stated.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.