Credit unions are on alert about the fate of their tax-exempt status as a result of President Obama's speech outlining his deficit reduction strategy.
In his April 13 speech, he called for reviewing "tax expenditures," which include the tax-exempt status of credit unions. He said any reform should build on the calls made by his deficit-reduction commission to reduce "tax expenditures so that there is enough savings to both lower [tax] rates and lower the deficit."
Lobbyists for CUNA and NAFCU said it is too early to tell how much the tax-exempt status of credit unions could be at risk since Obama wasn't specific about which expenditures he might go after.
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