Banks Pushing For Repeal Of Credit Unions' Federal Tax ExemptionSubmitted by emalvini on Sun, 07/07/2013 - 18:15
Banks Pushing For Repeal Of Credit Unions' Federal Tax Exemption
Bankers say the tax break is an unfair advantage for large credit unions. Now they see an opportunity to get rid of it as lawmakers begin work on a major overhaul of the tax code.
By Jim Puzzanghera
July 6, 2013
WASHINGTON — Credit unions have been snatching customers from banks amid consumer frustration over rising fees and outrage over Wall Street's role in the financial crisis.
Now banks are fighting back by trying to take away something vital to credit unions — their federal tax exemption.