WASHINGTON – California Congressman Bob Filner (D) defended the credit union tax exemption in a letter to the editor in The Hill newspaper. Filner also criticized House Ways and Means Committee Chairman Bill Thomas (R-Calif.), for his interest in looking into the credit union tax exemption to see if it should stand. Thomas isn’t getting much support of late. The other six members of the House Ways and Means Committee came out in favor of the CU tax exemption recently. In his letter to the editor, Filner not only supports the tax exemption, but is critical of the banks’ efforts to get CUs taxed. “A new tax on credit unions, which already pay payroll taxes, sales taxes and property taxes, would make a negligible contribution to the national treasury. The real winners would be the banks, which have claimed that credit unions’ tax status gives them an unfair competitive advantage. “The truth is that banks are earning record-setting profits, and owned $8.95 trillion in assets as of September last year, while total credit union assets reached a relatively modest $622 billion. Unsatisfied, the banks’ lobbyists are prodding their allies in Congress to bully the credit unions,” Filner wrote.

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?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


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.