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CUNA Provides Return Fire After Treasury Makes Third CU Tax Call

Acting IRS Commissioner Kevin Brown recently wrote to the Senate Finance Committee that the line between tax-exempt and commercial entities is blurring, listing credit unions as key offenders, which CUNA did not take to kindly to.

By Sarah Snell Cooke | Updated on August 02, 2007

WASHINGTON — Acting IRS Commissioner Kevin Brown recently wrote to the Senate Finance Committee that the line between tax-exempt and commercial entities is blurring, listing credit unions as key offenders, which CUNA did not take to kindly to.

CUNA President/CEO Dan Mica wrote in a letter to Brown that he “must strongly object” to his letter that included what Mica termed as “the wrongful portrayal of credit unions a “hard to distinguish from for profit banks”–thereby undermining the justification for credit unions’ exemption from federal income taxation.” He also accuses Brown of trying to associate credit unions with other entities recently receiving public scrutiny of their tax-exemptions.

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