After a year of triumphs and accomplishments, credit unions might be in for some new obstacles in 2019. Success often bodes controversy and that is expected to hold true for credit unions this year. While many institutions were able to grow their membership, loans, quality of assets and earnings, these successful steps forward might push lawmakers to enact limiting policies and regulations. Here are some hurdles credit unions can expect in 2019.
Back in 2017, credit unions fought for their tax-exempt status and came out on top, however, that was not the last of the conversation. Since then, the tax status of credit unions has been brought up on several occasions as banks and lawmakers question whether credit unions should maintain their exemption in spite of their growth. An Iowa bill failed that would have increased the taxes that the state’s credit unions pay, however, banks were impressed by its success up to that point. The bill passed in the Iowa state senate but ultimately failed to pass after it was rejected by the house.
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