If anyone thought the Internal Revenue Service was going to bring any clarity to the longstanding kerfuffle over the credit union tax exemption, they surely were disappointed by the agency's non-response to Senate Finance Chairman Orrin Hatch (R-Utah).

"The IRS doesn't want to do what Sen. Hatch proposed," Chris Cole, EVP and senior regulatory counsel for the Independent Community Bankers of America, said. "The IRS is dragging its feet."

And that means the battle between credit unions and banks is not going to cool off anytime soon.

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

  • 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.

© 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.