WASHINGTON — During today's session of NAFCU's Congressional Caucus, NCUA Chairman JoAnn Johnson said that credit unions must remain vigilant on subprime mortgage effects and the tax-exemption while lending their voices to these and other causes.
Credit unions must remain vigilant not only with their balance sheets in looking for the effects of the subprime crisis, but also in letting their members of Congress know that "credit unions are not part of the problem but part of the solution." Johnson said she did just this in testifying before Congress earlier this year.
Credit unions also need to be vigilant when it comes to talk of removing their tax-exemption. Johnson commended NAFCU "for your quick and effective action" in getting Treasury to clarify its intent with its corporate taxation backgrounder.
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