Banks and credit unions have fought for decades over the latter's federal tax exemption, but for the first time during the ongoing battle, there are signs policymakers may be willing to take a second look. American Banker set out to answer three vital questions: Do credit unions still deserve their tax exemption, how did the fight become so cantankerous, and what would happen to both industries if the exemption was taken away? Talking to both sides of the debate and outsiders, we offer the definitive look at the state of play and how it might change.
-
A bombshell letter from a prominent senator and a court ruling criticizing credit unions’ interpretation of “field of membership” have bankers hopeful that Congress may finally be willing to examine the public-policy purpose of the Depression-era tax break.
April 23
-
Putting aside the spin of both credit unions and banks, we offer some informed predictions about how the financial industry would be reconfigured if the century-old tax break were to disappear.
April 25 -
-
Banks and credit unions have been fighting each other so long that many have forgotten how the feud started and why it may matter to the future of both industries.
April 24 -
Long considered a political third rail in the U.S., the movement's tax exemption is taking some heat. Here's a sampling of how other countries have handled this debate.
April 24
