In a letter to the House Ways and Means Committee Chairman, American Bankers Association President/CEO Rob Nichols took aim at credit unions' tax status.
In the letter to Rep. Kevin Brady (R-Texas), Nichols said credit unions have outgrown the need for the tax exemption they have received since the Great Depression. The Ways and Means Committee held a hearing to examine the tax code April 14.
Using the April 18 tax filing deadline for millions of Americans as a springboard, he said the Government Accountability Office noted the historical distinction between banks and credit unions has continued to blur.
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