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WSJ Acknowledges Banker-CU Battle

WASHINGTON - Even a large, mainstream publication like The Wall Street Journal has taken notice of the inflamed, yet age-old, banker versus credit union battle over taxation. WSJ ran a story from Dow Jones Newswires on the recent remarks bandied about by top credit union and banking officials. The article...

By Sarah Snell Cooke | Updated on March 23, 2004

WASHINGTON – Even a large, mainstream publication like The Wall Street Journal has taken notice of the inflamed, yet age-old, banker versus credit union battle over taxation. WSJ ran a story from Dow Jones Newswires on the recent remarks bandied about by top credit union and banking officials. The article notes House Ways and Means Committee Chairman Bill Thomas’ (R-Calif.) remarks to the Federation of American Hospitals, where he suggested he might hold hearings on the societal value of tax-exempt entities, like credit unions. A spokesperson from his office has clarified that Thomas was just noting examples and not outlining a potential scope of the possible hearing. Additionally, the article pointed to Federal Deposit Insurance Corporation Chairman Don Powell’s comments to the Independent Community Bankers of America and America’s Community Bankers. The article also pointed out that Treasury Secretary John Snow also spoke at the ACB conference and stuck to the administration’s support of the credit union tax-exemption. “While hearings are not assured, if they’re called, we will be ready to take the opportunity to explain how the credit-union tax exemption remains just as relevant for today as it has ever been,” the wire story in WSJ quoted CUNA Senior Vice President of Governmental Affairs John McKechnie as saying. It also quoted NCUA Chairman Dennis Dollar as stating, “As a safety and soundness regulator, I would strongly encourage Congress, as the national taxing authority, to carefully consider the negative impact of taxing retained earnings at not-for-profit credit unions that have no other method of building capital.” -

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