Rep. King bashes NCUA, questions credit union tax exemption

Rep. Steve King (R-Iowa) said he wants the Government Accountability Office to update a 2006 report on credit unions’ tax exemption, noting legislative and regulatory changes have continued to blur the lines between credit unions and other depository institutions.

In a letter sent Monday to House Ways and Means Chairman Kevin Brady (R-Texas), King stated the credit union exemption will cost some $10 billion over the next five years and that the GAO study found weaknesses in NCUA oversight.

“I believe that Congress has a responsibility to all American taxpayers to ensure credit unions and all ‘not-for-profits’’’ missions properly align with good public policy,” King wrote.

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