WASHINGTON- American Bankers Association President and CEO Ed Yingling wrote Treasury Secretary John Snow to express their concern regarding his remarks during CUNA’s Governmental Affairs Conference in support of the credit union tax-exemption. “Last March, when you were kind enough to speak to the ABA Spring Summit,” Yingling wrote in a March 3 letter to Snow, “you said in response to a question: `The tax-exemption first was intended to foster traditional credit union activities where the credit union served a distinct role. The tax-exemption would be put in jeopardy if the credit union was no longer faithful to that charter.’ This statement was very well received by our bankers. ABA believes strongly that it is clear that a number of credit unions are, in fact, `no longer faithful to that charter.’ As a result, we believe their tax-exemption should be eliminated or they should convert to a bank charter.” Since Snow’s speech to the ABA last year, Yingling pointed to “a number of developments” on credit union expansion. He highlighted the recent large credit union conversions to mutual savings banks and the Ways and Means Committee hearing in November where it was shown that “NCUA has no way to measure whether individual credit unions are doing what Congress intended.” NCUA is currently working on such information gathering, Yingling said. He added that he agreed with Snow on his points during his GAC speech about fighting terrorist financing, the importance of financial literacy, and expanding Health Savings Accounts.

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.