The powerful chairman of the tax-writing Senate FinanceCommittee is questioning whether credit unions still deserve theirtax-exempt status.

“I am concerned that the credit union industry is evolving inways that take many credit unions further from their originaltax-exempt status,” Senate Finance Chairman Orrin Hatch (R-Utah),said in a letter Wednesday to NCUA board Chairman J. MarkMcWatters.

Hatch said that the NCUA has relaxed field-of-membershipconstraints, opened the door to the use of alternative capital andlifted limits on business lending.

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