Academic journal article ABA Banking Journal

Credit Unions and Common Ground

Academic journal article ABA Banking Journal

Credit Unions and Common Ground

Article excerpt

Bill Brandon can tell it like it is to anyone, anytime--and frequently does.

Such was the case recently when Brandon spoke to 2,000 credit union managers and directors at a conference of the Credit Union National Association.

This was potentially enemy country, but Brandon left his listeners charmed. Yet the message wasn't sugar-coated. A taxing question. Did Brandon avoid the "T" word? No way.

He said, "the banking industry is, every year, actively trying to get Congress to tax the credit unions. Clearly, we have a difference of opinion on that. If I were you, l wouldn't think I should be taxed. If I were me, I would think you should be taxed. We're saying you need a level playing field. We're saying the government needs the revenue. We're saying that we're becoming so similar, that the tax is a good thing."

Just two weeks before, Brandon had written to President Clinton on behalf of ABA's member banks to ask him "to consider the taxation of credit unions," which "compete with a substantial advantage over taxable financial institutions, at the expense of the U.S. taxpayer." A different common bond. Brandon also talked about ABA's joint lawsuit with banks in North Carolina, which attempted to force the National Credit Union Administration to enforce the common bond standard. He said, "we feel the common bond is out of control. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.