Banks Target Credit Union Tax Exemption

From the Credit Union National Association

As if there were any doubts about what the banks are up to this year, an American Bankers Association lobbyist was quoted today by Bloomberg BNA  that a "chief" goal for banks in 2013 is to push for legislation to change or eliminate the credit union federal tax status.

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If credit unions do lose this tax exemption, it will be another reason for the credit unions to cut deposit rates. I'm afraid the banks may use all-access credit unions as one of the arguments against this tax exemption. The banks know that many credit unions have backdoors to membership.