X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Your letter-to-the-editor section is certainly lively, and it appears my debate with Jim Blaine has become quite a topic for discussion. I had my say in your April 14 newspaper and had not intended to write again, but the letters from Jim Blaine and Dan Mica in your April 21 paper do, I believe, require a comment. With respect to Jim Blaine’s letter, I am deeply offended that he would refer to me as “Osama bin-Fergeson.” Given the terrible events of 9/11, that language is completely inappropriate. With respect to Dan Mica’s letter, I want to state firmly that ABA has no beef with most credit unions. Traditional single-bond credit unions, for example, and those focused on the needs of low-income consumers should not be taxed. However, the general principles applicable to the taxation of not-for-profit cooperatives should be applied to other credit unions. Under those principles, the new breed of aggressive credit unions would and should be subject to the kind of taxation applicable to mutual savings banks or to other cooperatives under Subchapter T of the Internal Revenue Code. C. Kendric Fergeson Chairman, American Bankers Association Chairman, NBanC, Altus, Okla.

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

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.