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.
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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.”
Ahead of oversight hearings of the prudential regulatory agencies scheduled for next week, the American Bankers Association called on Congress to address the changing face of large credit unions.
The American Bankers Association yesterday panned two proposals by the National Credit Union Administration to simplify current risk-based capital requirements for “complex” insured credit unions with more than $500 million in assets.
The American Bankers Association today urged the National Credit Union Administration to withdraw a proposed rule that would expand the range of permissible lending activity for credit union service organizations, or CUSOs.
In a letter to Acting Comptroller of the Currency Blake Paulson this week, American Bankers Association President and CEO Rob Nichols raised concerns about recent attempts by credit unions to purchase federally chartered banks, including federal mutual savings associations.