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“We realize the low-hanging fruit (are) probably gone.” – Jim Salmon, business lending special assistant, who is overseeing Navy Federal FCU’s new Navy Federal Small Business Services division, acknowledging its late entry into member business lending. “This is just another example of the hypocrisy on the part of the bankers where they make use of a legitimate technique to reduce their taxes, even though the GAO and some administration officials have found this to be a tax shelter – some think it to be an illegal tax shelter – they make use of this while still opposing credit unions’ tax-exempt status.” -CUNA Legislative Affairs Manager Leon Peace on a recent GAO report on Corporate-Owned Life Insurance, which touched on Bank-Owned Life Insurance, which banks commonly use for tax avoidance. “We want to be a part of the process too.” -

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