How Close is Industry to Taxation?

HOLMDEL, N.J. – There is a pervasive feeling in the credit union industry that the banker attacks are finally starting to hit their mark with lawmakers. Bankers are clearly trying to segment credit unions into two groups. The first is smaller credit unions that, in the bankers’ eyes at least, are sticking to their mission of serving people of modest means. The second group, again in the bankers’ eyes, is made up of large, “expansive” credit unions that have strayed from Congress’ intent. Credit Union Times’ new online voting poll looks at just how safe the credit union tax-exemption is given the bankers’ efforts to get this message to Congress, and other events, such as the recent House, Ways and Means hearing on the tax-exemption. The question is as follows: Do you think credit unions will lose their tax-exemption within the next five years? * Yes * No * Not Sure * Large CUs that meet certain criteria will be taxed – [email protected]