WASHINGTON – Senate Banking Committee Chairman Richard Shelby (R-Ala.) recently responded to letters CUNA and each of the state leagues wrote thanking him for recent remarks he had made in favor of credit unions' tax-exempt status. "I recognize the special role that credit unions play in our banking system. Credit unions are non-profit entities, owned and controlled by the people who use them. Their focus on member services enables them to provide a wide range of financial services in an equitable manner. Taxation of credit unions would infringe on this ability and, as such, I oppose it." This is "very, very strong language from a very, very influential member of Congress," CUNA Vice President of Legislative Affairs and Senior Legislative Counsel Gary Kohn remarked.
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