Raising the cap on member business loans is risky in light of the problems facing credit unions and would take away businesses from "tax-paying community banks," Independent Community Bankers of America Senior Vice President Stephen J. Verdier wrote senators this week.
Verdier disputed the contention by CUNA and NAFCU that credit to small businesses is in short supply and noted that "small business loan demand is down."
He said that in light of growing federal deficits it would "be more prudent and more beneficial to our national economy to repeal the credit unions' tax exemption," and cited a study indicating that such a tax would generate $30 billion in revenue over 10 years.
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