The powerful chairman of the tax-writing Senate Finance Committee is questioning whether credit unions still deserve their tax-exempt status.
"I am concerned that the credit union industry is evolving in ways that take many credit unions further from their original tax-exempt status," Senate Finance Chairman Orrin Hatch (R-Utah), said in a letter Jan. 31 to NCUA board Chairman J. Mark McWatters.
Hatch said the NCUA has relaxed field-of-membership constraints, opened the door to the use of alternative capital and lifted limits on business lending.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
- Educational webcasts, white papers, and ebooks from industry thought leaders.
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
Already have an account? Sign In Now
© 2024 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.
