MERRIFIELD, Va. – The tax-exemption is a privilege that credit unions have rightly earned and it is incumbent upon the industry to remind the public of why that is the case and why it should remain intact, according to Cutler Dawson, the president/CEO of Navy FCU. Should it be removed, "there is no telling of the unintended consequences," contends Dawson. Without mentioning specific fallout, he said, such removal "would cause things to happen once we are taxed." Some credit unions might convert and certainly "each credit union would react differently" based on its own market circumstances, but it is fruitless now to speculate, he said adding, "I'd simply prefer not to" regarding what might occur in the CU landscape.
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