Citing problems with credit union industry transparency, oversight, and unfair competition, the National Taxpayers Union told key members of Congress that it opposes expanding the credit union member-business-lending cap unless several conditions are met.
National Taxpayers Union targets credit union push
July 17, 2020 / By ICBA
Citing problems with credit union industry transparency, oversight, and unfair competition, the National Taxpayers Union told key members of Congress that it opposes expanding the credit union member-business-lending cap unless several conditions are met.
Citing problems with credit union industry transparency, oversight, and unfair competition, the National Taxpayers Union told key members of Congress that it opposes expanding the credit union member-business-lending cap unless several conditions are met.
In a letter to Senate Banking and House Financial Services committee leaders, the NTU said lawmakers should address field-of-membership concerns, the lack of tax parity with other financial institutions, the Unrelated Business Income Tax, and the Form 990 exemption for federal credit unions.
ICBA has long opposed credit union industry efforts to raise the 12.25 percent lending cap. In a May letter to the committees, ICBA said the industry's efforts to exempt COVID-19-related business loans from the member-business-lending cap is a solution to a problem that doesn't exist.
Subscribe now
Sign up for the Independent Banker newsletter to receive twice-monthly emails about new issues and must-read content you might have missed.
Sponsored Content
Featured Webinars
Join ICBA Community
Interested in discussing this and other topics? Network with and learn from your peers with the app designed for community bankers.
Subscribe Today
Sign up for Independent Banker eNews to receive twice-monthly emails that alert you when a new issue drops and highlight must-read content you might have missed.
News Watch Today
Join the Conversation with ICBA Community
ICBA Community is an online platform led by community bankers to foster connections, collaborations, and discussions on industry news, best practices, and regulations, while promoting networking, mentorship, and member feedback to guide future initiatives.
Join the Community Example Text
