Orrin Hatch

A coalition of free-market-oriented groups is calling on Senate Finance Committee Chairman Orrin Hatch to rethink his push for a new tax on credit unions.

NCUA Chairman Mark McWatters has responded to a controversial letter from U.S. Sen. Orrin Hatch questioning the credit union tax exemption.

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.

At a time when credit union leaders need to be heard as one voice, the leaders of two competing trade groups are exemplifying that spirit.

Lawmakers should consider taxing large, banklike credit unions that have strayed from their original fields of membership, argues a credit union executive.

If taxation is the future of our movement, it should be directed at large, bank-like credit unions in order to protect smaller institutions that have stayed true to our founding spirit.

As the credit union faithful descend on Capitol Hill for CUNA's GAC, advocates prepare to defend the movement's tax status in the wake of Sen. Hatch's letter questioning the exemption.

Financial services groups are calling for more funding for the Internal Revenue Service that could fix flaws in the agency's system for verifying the income of mortgage applicants.

The National Association of Federally-Insured Credit Unions and the Credit Union National Association sent a joint letter to Sen. Orrin Hatch on Wednesday defending the credit union charter and its tax status.

Fifty-two state bank trade associations sent a letter to Sen. Orrin Hatch, R-Utah, encouraging him to continue his review of the credit union tax exemption.