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Taxation is Not an Existential Threat to Credit Unions "Credit News 24"

As Congress looks at reforming the U.S. tax code, credit union groups are arguing that the elimination of the credit union tax exemption would cause a dramatic decline in the number of credit unions.

For example, in a July 17 letter to Senators Hatch (R - UT) and Wyden (D - OR), Carrie Hunt, EVP for the National Association for Federally-Insured Credit Unions (NAFCU), wrote: "Simply put, the tax exemption is an issue of survival for credit unions."

Hunt further wrote that "[i]f the tax exemption was removed, many would convert to banks or just go away."

Heaven forbid that a credit union converts to a bank.

It is a sad commentary that credit unions cannot survive without a federal subsidy.

I believe NAFCU is over-stating the impact of taxation on the credit union industry.


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