As lawmakers contemplate further changes to the U.S. tax code, Florida Bankers Association President and CEO Alex Sanchez in a CNBC op-ed today made the case for closing the outdated loophole that allows large credit unions to avoid paying federal taxes, even though they effectively operate in the same manner as taxpaying banks.

Congress should act to eliminate the “outdated and abusive tax loophole” for large credit unions, wrote Florida Bankers Association President and CEO Alex Sanchez in a Wall Street Journal op-ed yesterday.

In an op-ed published on the Inside Indiana Business website yesterday, Indiana Bankers Association President and CEO Amber Van Til pushed back against several erroneous assertions often made by the credit union industry about the need for the credit union tax exemption, including the claim that credit unions are mostly small, humble institutions serving customers of limited means.

A story in today’s Wall Street Journal examined efforts by Pentagon Federal Credit Union to grow significantly and in the process “test regulatory limits,” as the headline put it.

As House and Senate lawmakers work to reconcile their versions of the FY 2019 National Defense Authorization Act, ABA -- along with the Independent Community Bankers of America and the Association of Military Banks of America -- today wrote to conference committee members urging them to include in the final bill a House provision that would level the playing field between credit unions and banks serving military bases.

When it comes to banking, Laurie Stewart has seen it all. She started her career as a teller at a regional thrift; later, she worked as a bank examiner, and more recently, she served as chief executive of a credit union, a mutual bank and a commercial bank.

The largest credit unions with nationwide growth aspirations should be treated like banks, according to an American Banker op-ed published today, with special focus given to community reinvestment requirements and executive compensation.

Just months after receiving a legal rebuke for its efforts to loosen field-of-membership limitations on federal credit unions, the National Credit Union Administration today issued a final rule that makes it easier for credit unions to evade these limits.

The American Bankers Association today filed a cross-appeal in its legal challenge to the National Credit Union Administration’s field of membership rule, which further expanded the already loose fields of membership from which federal credit unions can draw their customers.

In a memo to House Financial Services committee members today, ABA urged lawmakers to reject a provision of the Foreign Investment Risk Review Modernization Act of 2018 that would delay the effective date of risk-based capital rules for credit unions for two years.