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U.S. Capitol building U.S. Capitol building. (Source: Shutterstock)

The nation’s community bankers are calling on Congress to reexamine the credit union tax exemption, contending that the purchase of banks by credit unions are unfair and represent a “weaponization” of the tax advantage.

“Credit union-community bank acquisitions and the rapid expansion of the credit union industry are reshaping the American financial services landscape in a way that puts small business lending experts at risk,” Rebeca Romero Rainey, president/CEO of the Independent Community Bankers of America, wrote in a letter this week to the House Ways and Means and Senate Finance committees.

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David Baumann

 

Credit Union Times

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