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Take the IRS to Court Over UBIT, Blanchard Advises

What the credit union movement needs is a few good plaintiffs, Larry Blanchard said to NASCUS attendees here for the organization's State System Summit.

By Staff Writer | Updated on August 21, 2007

FORT LAUDERDALE, Fla. — What the credit union movement needs is a few good plaintiffs, Larry Blanchard said to NASCUS attendees here for the organization’s State System Summit.

Blanchard, senior vice president of CUNA Mutual Group, and chair of the industry’s Unrelated Business Income Tax Steering Committee, said the committee would continue to seek an administrative solution to the issue, and will try to work with the IRS to change its decision. But if that fails, state-chartered credit unions will have no option other than to rid themselves of the UBIT threat by making a court challenge to the IRS. That will require several that are willing to step forward.

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