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.

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Regulatory & Compliance