Bankers turned up the heat in their opposition to the NCUA's field of membership proposal, using it to attack thecredit union tax exemption.
A Feb. 5 letter from 53 state bankers' associations askedleaders of the Senate Finance Committee and the House Ways &Means committee, among others, to investigate the tax implicationsof the NCUA's proposal.
The letter said the proposed membership rule “has the potentialto exponentially explode this already-sizeable tax subsidy.” Thegroup cited a Treasury Department's Office of Tax Analysis estimatefor the credit union tax exemption worth $26.75 billion for FY2016-2025, calling it “one of the single largest corporate taxloopholes.”
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