“All in all we’re pleased. It was a broad general overview.” -CUNA Vice President of Legislative Affairs and Senior Legislative Counsel Gary Kohn said following a hearing last week in the House Ways and Means Committee on the tax-exempt sector. “[T]here is little or no evidence credit unions are better serving the financial needs of low-and moderate-income individuals despite their special tax-exempt status…These institutions often supply wealthy and middle-income members with financial services, offer a wide range of sophisticated banking products, and compete directly and aggressively against taxpaying community banks. Yet these same institutions don’t pay taxes and don’t bear the same regulatory burden as community banks.” -ICBA Chairman David E. Hayes, president of Security Bank in Dyersburg, Tenn. in a statement the organization put out on April 15, tax day. “Car title lenders are taking a page out of the payday lender playbook by making very short-term loans without considering the borrower’s ability to repay the loan.” -Mark Pearce, president, Center for Responsible Lending commenting on the findings of the organization’s joint study with the Consumer Federation of American on car title loans.

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