Credit unions must be permitted to evolve, and that evolution should not endanger their tax exemption, CUNA President Jim Nussle said this week, in a letter to Senate Finance Chairman Orrin Hatch (R-Utah).
Hatch recently wrote a letter to NCUA Chairman Mark McWatters saying he is concerned that credit unions have evolved into institutions that may not deserve their tax exemption.
"It is perfectly acceptable for credit unions to evolve – the whole financial services industry looks different than it did in 1934," Nussle wrote. "Credit unions need to remain relevant to consumers in order to fulfill their mission, and they're working to remain relevant within a charter that is overly restrictive and burdensome."
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