Sen. Mike Rounds (R-S.D.) is urging banks to abandon efforts to repeal the credit union tax exemption and instead unite with them to push regulatory overhaul legislation.
Rounds' office today confirmed published reports that the senator told those attending the American Bankers Association government relations conference that bankers should work with credit unions to push for legislation that overhauls Dodd-Frank.
The Independent Community Bankers of America last week identified repeal of the tax exemption as one of its priorities for 2017.
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