A March 27 article on CUTimes.com (“Citing HAR-CO Conversion, Maryland Bankers Assail Credit Union Mergers”) suggests that conversion is an option to merger and nontaxed credit unions should stop taking advantage of their status and follow the HAR-CO model. 

Kathleen Murphy of the Maryland Bankers association sites the merger between SECU of Maryland and Anne Arundel County FCU as the poster child of the abuse of tax status of credit unions in this matter.

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Peter Westerman

Dig Deeper

 

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