Banks Push House For Credit Union Tax Reform

Law360, New York (March 11, 2014, 5:55 PM EDT) -- The banking industry told the House Ways and Means Committee on Monday that the tax break for credit unions was a missed revenue opportunity and that it created unfairness in an industry that no longer saw a difference between nonprofit unions and for-profit banks.

Giving credit unions tax-exempt status will cost the country $12.8 billion over the next five years, the letter says. The banks point to a group of 208 credit unions that have assets of more than $1 billion, saying they are larger than...
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