Rep. Steve King (R-Iowa) said he wants the Government Accountability Office to update a 2006 report on credit unions' tax exemption, noting legislative and regulatory changes have continued to blur the lines between credit unions and other depository institutions.
In a letter sent July 18 to House Ways and Means Chairman Kevin Brady (R-Texas), King stated the credit union exemption will cost some $10 billion over the next five years and that the GAO study found weaknesses in NCUA oversight.
"I believe that Congress has a responsibility to all American taxpayers to ensure credit unions and all 'not-for-profits'' missions properly align with good public policy," King wrote.
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