The much anticipated hearing on Congressman Patrick McHenry’s Credit Union Charter Choice Act, which would lessen NCUA’s role in credit union-to-bank conversions, produced some interesting tidbits.

The No.1, superb, fantastic, terrific, awesome, stupendous thing that came out of it in my mind was Congressman Paul Kanjorski raising the issue of taxing the money made in a stock offering of a former credit union. Amen! Finally! It makes sense! All the members’ money was built up over many years into the tax-free equity of a credit union. Once that credit union goes into the world of being a stock-issuing bank, the government should get its fair share. Thanks to Mr. Kanjorski for giving legitimacy to an issue many of us have had on our minds for a long time. It’s bad enough the insiders of a credit union that convert to a bank get a free ride to unjust enrichment, let’s not give them the added benefit of making it a tax-free transaction.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical 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 and

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 and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.