Taxation fears are once again permeating the thoughts of credit union leaders. For example, NAFCU President/CEO Fred Becker told Credit Union Times that if credit unions were taxed, “They couldn’t continue to exist. They have no means to raise capital and the corporate tax rate is arduous. And taxing revenue that has been put aside as capital raises safety and soundness concerns.”

In the same article (April 27 issue, page 1), former NCUA Chairman Dennis Dollar said taxation will cause a “wholesale abandonment of the credit union charter” because the bank charter will be “considerably more appealing.”

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