NEW YORK — NCUA Vice Chairman Rodney Hood vigorously backed the credit union tax-exemption during an address at Municipal Credit Union's 90th Annual Meeting at a time when a bill is in the state legislature to tax federal credit unions in the state.
Hood highlighted how Municipal and credit unions across the state are earning their tax-exempt status everyday. He noted that credit unions in New York State granted over $195 million in affordable mortgages. He added that "were it not for their tax-exempt status" these credit unions might not have had as broad an impact as they do.
The vice chairman also noted that 90 years ago, Municipal was founded to combat the predatory lenders of that time: loan sharks. Municipal is "still filling that niche," he told Credit Union Times in a follow up interview, only now it is payday and others unscrupulous lenders.
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"I mentioned that there are those who want to take [the tax-exemption] away and why would you do that when they are demonstrating the wonderful results they are today," Hood said.
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