As GAC opens, credit union advocates and bankers resume tax fight
Banks attack tax exemption, while credit unions defend it
As 6,000 credit union advocates gathered in the nation’s capital this week, banking trade groups renewed their attacks on the credit union tax exemption. As you might expect, credit union advocates returned fire.
The newly created America’s Credit Unions trade group brought the advocates to Washington to “hike the hill” and tell their elected representatives why credit unions are better than banks. “You’ve earned your tax status,” Jim Nussle, the trade group’s president/CEO told the assembled credit union advocates Monday morning. “We are not going to give one inch.”
While Nussle defended the tax exemption, a new poll released by the Independent Community Bankers of America shows that most Americans do not realize that credit unions have that tax advantage. The ICBA poll of 4,416 adults was conducted Jan. 11-15 by Morning Consult. Of those responding, just 21% were aware that credit unions have a tax exemption and 68% said they thought credit unions were simply a type of bank.
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