Rep. King Calls for Update of GAO Credit Union Study

Rep. Steve King (R-Iowa) yesterday wrote to House Ways and Means Committee Chairman Kevin Brady (R-Texas) urging Congress to update a previous Government Accountability Office study on the tax-exempt status and membership practices of credit unions. The report — which was last issued in 2006 — examined the effect of the Credit Union Membership Access Act on CU membership; reviewed the NCUA’s efforts to serve low- and moderate-income individuals; compared rates offered by credit unions with those offered by comparably sized banks; and assessed transparency of credit union senior executive compensation.

“Congress has a responsibility to all American taxpayers to ensure credit unions and all “not-for-profits” missions’ properly align with good public policy,” King wrote. “The credit union tax expenditure alone will be nearly $10 billion over the next five years and the last GAO report showed significant weakness in oversight in the industry’s mission.”

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Monica C. Meinert

Monica C. Meinert is deputy editor of the ABA Banking Journal and a senior editor at the American Bankers Association, where she oversees ABA Daily Newsbytes.