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.
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.
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.
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.
The National Credit Union Administration’s defense of changes to a field-of-membership rule was challenged by a federal judge on Wednesday, suggesting an American Bankers Association lawsuit against the revisions may be successful.
Credit union executives talked up a pending regulatory relief effort while endorsing a radical shift in direction by the Consumer Financial Protection Bureau during a meeting with President Trump and other top White House officials on Monday.
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.
