WASHINGTON-Legislator after legislator took the podium during CUNA’s GAC in support of credit unions’ tax-exemption. They were met with standing ovations. *Senate Majority Leader Bill Frist (R-Tenn.) told credit unions we are an `over-taxed’ nation. “We, I, on behalf of our legislative body, absolutely support the current [tax] exemption for credit unions today. That tax-exemption will be preserved.” *House Financial Services Committee Chairman Mike Oxley (R-Ohio) stated, “There is no support for changing that tax-exempt status.” *Congressman Mike Michaud (D-Maine) said of a tax on credit unions: “It would only hurt the families that need affordable financial services.” *Congressman Butch Otter (R-Idaho), a bank director, explained how credit unions can flourish in small towns, then the banks try to muscle in to try and make a buck and cry out `unfair advantage.’ “The advantage should go to the ones that cared when nobody else would,” he stated. *Congresswoman Maxine Waters (D-Calif.) said of credit unions, “They serve where many banks have not ventured to serve.Taxing credit unions is bad economics.” *Congressman Joe Knollenberg (R-Mich.) noted the high unemployment rate in Michigan and that every dollar that comes back to his constituent counts. “I am very supportive of maintaining your tax-exempt status,” he said.

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.