Both CUNA and NAFCU sought to downplay a recent suggestion from the President’s Economic Recovery Advisory Board that taxing credit unions might be one way to increase government revenue.

“The inclusion of the credit union federal tax exemption is not unusual in reports such as these that tend to take note every possible revenue option under the sun,” said CUNA CEO Bill Cheney, speaking of the group’s Report on Tax Reform Options. “We will be vigilant, as always. But the report explicitly states that these are policy options, not recommendations, and that they should not be construed as Administration policy. Indeed we do not believe the Administration or Congress has any desire to raise taxes on 92 million hard-working Americans by altering the tax status of member-owned credit unions, especially in the current economic environment.”

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