The 70,000-member, $1.6 billion Technology Credit Union is arguing that the possibility creditunions might be taxed in the future is a reason its members shouldvote to change the credit union into a bank.
|In its Notice of a Proposal to Convert document, the creditunion reported that a subcommittee of President Obama's EconomicRecovery Advisory Board had listedeliminating the federal tax exemption for large credit unions as apossible way of raising federal revenues in August 2010 and mutualsavings banks and savings and loan associations had been tax exemptuntil 1951.
|“While we cannot predict whether credit unions will lose theirfederal tax exempt status, the Tech CU Board and managementbelieve….that the repeal of the tax exemption, particularly forlarge credit unions such as Tech CU, has in recent years become apossibility to be considered and, as a result, consider this as oneof many factors in evaluating the Charter Change,” the credit unionwrote.
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