“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.” -

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 © 2023 ALM Global, LLC. All Rights Reserved.