The American Bankers Association Board recently approved its 2010 government relations priorities; this list includes tackling "Unfair Competition from Government-Advantaged Institutions."
"We will continue our work to redress efforts of the credit union industry and Farm Credit System to abandon their core missions and use their government advantages to expand into the banking business," the ABA stated. "Moves to broaden government advantages to these institutions will be strongly opposed, while policy makers will be encouraged to require these institutions to return to their core missions or formally obtain a banking charter."
Additionally, the statement read that barrier to credit unions looking to convert to mutual savings banks should be removed.
Finally, the ABA promises to encourage the IRS "to continue to reevaluate whether tax benefits for these institutions should be retained and to ensure that unrelated business income is taxed fairly."
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