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Hood Reiterates Support of CU Tax-Exemption and Value

NCUA Vice Chairman Rodney Hood vigorously backed the credit union tax-exemption during an address at Municipal Credit Union's 90th Annual Meeting at a time when a bill is in the state legislature to tax federal credit unions in the state.

By Staff Writer | Updated on May 08, 2007

NEW YORK — NCUA Vice Chairman Rodney Hood vigorously backed the credit union tax-exemption during an address at Municipal Credit Union’s 90th Annual Meeting at a time when a bill is in the state legislature to tax federal credit unions in the state.

Hood highlighted how Municipal and credit unions across the state are earning their tax-exempt status everyday. He noted that credit unions in New York State granted over $195 million in affordable mortgages. He added that “were it not for their tax-exempt status” these credit unions might not have had as broad an impact as they do.

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