WASHINGTON-Congressman Dave Camp (R-Mich.), a member of the tax-writing House Ways and Means Committee, recently outlined his support of the credit union tax-exemption in a letter to Northland Area Federal Credit Union Chairman Howard Spencer. “Like you, I believe revoking the tax-exempt status of credit unions could impose additional tax burdens on millions of Americans who belong to credit unions,” Camp wrote. “Please be assured I will not support policies that disadvantage credit unions or their customers.” He stated that he was aware of Ways and Means Committee Chairman Bill Thomas’ (R-Calif.) statements that he wanted to hold hearings on the tax exemptions of entities like credit unions and non-profit hospitals and whether they served their intended societal good. Camp noted that those who want to tax credit unions point to “deregulation” of the industry and their “unfair competitive advantage over other depository institutions.” However, he also pointed out that credit union supporters still believe the cooperative financial institutions are unique. “They assert that the purpose of credit unions is to serve the financial needs of their members rather than to maximize profits,” Camp wrote. “Supporters argue that taxation would eliminate this service character of credit unions.”

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 © 2022 ALM Global, LLC. All Rights Reserved.