ABA wrote to House Armed Services Committee leaders today in support of an amendment added to the National Defense Authorization Act for Fiscal Year 2019 that would help level the playing field between credit unions and banks serving military bases.

The National Taxpayers Union and several other conservative public policy groups on Tuesday urged Senate Finance Committee Chairman Orrin Hatch (R-Utah) and the committee to revisit the tax exemption enjoyed by large credit unions.

The largest credit unions should be required to file Form 990 -- the standard return filed by most nonprofit entities -- with the Internal Revenue Service, Senate Finance Committee Chairman Orrin Hatch (R-Utah) said in a letter to the IRS’ acting commissioner today.

When considering applications for new associational common bonds since its 2015 rule permitting expansive new fields of membership, the National Credit Union Administration has denied or deferred less than 10 percent of them, NCUA Chairman Mark McWatters said in a March 28 letter released yesterday.

A U.S. District Court judge today invalidated a portion of the National Credit Union Administration’s field of membership rule that further expanded the already loose fields of membership from which federal credit unions can draw their customers.

The Government Accountability Office last week released a report outlining recommendations to further incentivize financial institutions to provide banking services and small-dollar consumer loans in low- to moderate-income communities, including extending CRA to credit unions.

A federal judge in Washington, D.C., today held oral arguments in ABA’s lawsuit challenging the National Credit Union Administration’s expansive field of membership rule.

Sports naming rights deals -- like Golden1 Credit Union’s $120 million deal for the arena of the NBA’s Sacramento Kings -- are just one sign that credit unions no longer need any federal tax subsidy, a respected tax analyst said today.

Nearly a month after Sen. Orrin Hatch (R-Utah) wrote to the National Credit Union Administration questioning the federal tax exemption for the largest credit unions, one credit union CEO today agreed that the time is now to explore taxation for those institutions.

Taxpayers should no longer subsidize the nation’s largest credit unions that operate effectively the same way as taxpaying banks, all 52 state bankers associations said in a letter to Sen. Orrin Hatch (R-Utah) today.