We have all seen how effective Congress has been lately and it does not appear there is any change going to happen anytime soon. Comprehensive tax reform would mean putting all tax exemptions on the table. There are too many concerns about losing votes and control of each respective chamber for that to happen. If when dealing with sequestration and the debt ceiling, Congress could look to cover the costs of their resolution. Big ticket tax expenditures with broad, deep and vocal constituencies may survive, and Congress may look then at smaller ticket items, like credit union tax status. 

Credit unions would undoubtedly be able to mount a meaningful grassroots response to such a threat. The value of maintaining credit unions’ state tax exempt status has been reaffirmed at the presidential, congressional and state legislative level since the Great Depression. That value is more apparent now than ever.  NAFCU commissioned a study in the summer of 2012 to look at the federal credit union tax exemption. Action to remove credit union tax exemption can only occur if they can justify reducing U.S. GDP by about $148 billion (in 2010 dollars)  over the next decade. It is incumbent upon our industry’s leadership, veteran and energetic, to educate, strengthen and uphold the trust these members have in the credit union industry.  

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.