Tax exemptions

The pandemic is likely to dominate the discussion during CUNA’s online Governmental Affairs Conference, but perennial issues such as the industry’s tax exemption will also be spotlighted.

The bank trade group called for lawmakers to revoke the industry’s tax exemption and suggested that credit union acquisitions of banks create a “brain drain” of local lending expertise that could slow any economic recovery.

As lawmakers look for ways to plug budget gaps, credit union groups are preparing for a possible assault on the industry's tax exemption at the state and federal level.

The National Taxpayers Union called on Congress to reevaluate the movement's tax structure, including citing the trend of CUs buying banks as a "textbook example of poor tax policy."

A special committee in the state Senate has recommended not to move forward on a proposed bill to tax credit unions above a certain asset threshold.

A study commissioned by the Florida Bankers Association found that 70% of participants supported Congress requiring CUs with at least $500 million in assets to pay income taxes.

One bill would tax credit unions in the Sunflower State with at least $100 million in assets.

As credit unions buy up community banks, policymakers should take another look at ending the industry’s tax exemption and regulatory breaks.

A federal court this week will hear arguments in NCUA's appeal of a a judge's split decision on its 2016 field of membership rule while the new NCUA board meets later in the week.

The fight over the credit union industry's tax-exempt status has moved from the federal to state level. It will take the entire movement working together to combat these challenges.

Along with amendments to the Bank Secrecy Act, the Taxpayers First Act could help credit unions maintain their tax-exempt status.

A banking lobbyist recently quoted in Credit Union Journal is painting an inaccurate picture of the industry and its tax exemption.

Despite continued growth and regulatory victories, this year saw challenges on a number of fronts that could have lingering – and even negative – consequences for the industry in 2019 and beyond.

CUNA and NAFCU have asked lawmakers to include a variety of specific provisions in an update to the 2017 tax reform package.

The industry and its allies have their work cut out for them navigating the political standstill.

Amid a push to re-examine the tax status for large credit unions, let's look at the reality of the benefits they provide to CUs a fraction of their size.

Bankers would be better off cleaning their own houses and focusing on deregulation efforts, instead of going after credit unions, suggests NAFCU's Carrie Hunt.

After making the switch from banks to CUs four years ago, the CFO of American First Credit Union loves the movement – but he has some thoughts on how it can improve.

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.

Credit unions nationwide celebrated a recent victory for the CU tax status in Iowa, but bigger battles in more states could be just over the horizon.