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Banks Target Credit Union Tax Exemption

Saturday, January 26, 2013 - 4:45 AM
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.
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,077
1. Sunday, January 27, 2013 - 4:20 PM
The banking industry will not be satisfied until it has captured 100% of all deposits with zero interest paid to depositors.
loulou544 posts since
Aug 3, 2010
Rep Points: 3,397