NAFCU, CUNA defend CUs in joint letter against bankers’ attacks
NAFCU and CUNA are stepping up their defense of the credit union industry and its federal tax exemption as state bankers associations continue to push for its elimination with the use of misinformation, despite evidence of the industry’s many benefits to consumers and the nation’s economy.
The associations sent a joint letter to Sen. Orrin Hatch, R-Utah, yesterday further detailing credit unions’ structure and mission, field of membership (FOM) restrictions, benefits to credit union members and the hypocrisy of bankers’ attempts to eliminate the tax exemption.
NAFCU and CUNA emphasized that credit unions continue to fulfill their Congress-given mission “to promote thrift and provide access to credit for provident purposes” even while dealing with outdated FOM rules and an “outsized regulatory burden.”
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