Former American Bankers Association Chair Laurie Stewart today called for policymakers to revisit the credit union tax exemption, which is estimated by Treasury to total nearly $25 billion in lost revenue by 2031.
In a wide-ranging interview with American Banker, ABA Chair Scott Anderson discussed his objectives for the year ahead and touched on a number of key industry issues.
In a two-to-one vote today, a deeply divided National Credit Union Administration board approved an ABA-opposed proposal that would expand the range of permissible lending activity for credit union service organizations, or CUSOs.
In his first public address as ABA’s new chair, Scott Anderson outlined two big-ticket priorities as he takes the board’s helm: ensuring racial and financial equality and credit union reform.
In a letter to Rep. Vicente Gonzalez (D-Texas) and Rep. Brian Fitzpatrick (R-Pa.) today, the American Bankers Association said that it opposes H.R. 5189, the Member Business Loan Expansion Act, legislation that would broaden the credit union industry’s business lending authority.
Eliminating the credit union tax exemption would support sound tax policy, a new report from the Tax Foundation found. The think tank used the credit union tax exemption as a case study for how corporate loopholes could be reformed.
The unequal tax treatment of credit unions is driving acquisitions of community banks—making it more attractive in many instances for a bank to choose a credit union as its buyer.
In a letter to House Financial Services Committee leaders today, the American Bankers Association expressed opposition to a bill that it called a “backdoor effort by the credit union industry to expand its membership rolls at the expense of tax-paying banks.”
The trend of credit unions buying taxpaying community banks is back—and credit unions are becoming more aggressive than ever in their pursuit of acquisition targets.
In testimony before the House Financial Services Committee earlier this week, National Credit Union Administration Chairman Todd Harper urged lawmakers give his agency examination and enforcement authority over third-party vendors, including credit union service organizations, or CUSOs, to address what he called a “growing regulatory blindspot.”