Magazine article American Banker

Senator to Bankers: Drop Credit Union Tax Fight

Magazine article American Banker

Senator to Bankers: Drop Credit Union Tax Fight

Article excerpt

Byline: Ian McKendry

WASHINGTON -- As nearly 1,500 bankers were preparing to lobby lawmakers for regulatory relief and a rollback of the credit union tax exemption, Sen. Mike Rounds, R-S.D., gave the bankers some advice: Leave the credit unions out of it.

"When it comes to regulatory reform and when it comes to a lot of the other challenges that are out there, you are going to have to agree to disagree on the issue of taxes with those credit unions and you are going to have to find a way to work with them with a lot of the other regulatory reforms," Rounds, a member of the Senate Banking Committee, said Tuesday at the American Bankers Association meeting here.

The tax exemption for credit unions has long pitted banks and credit unions against each other. Some bankers see lawmakers' interest in a possible tax reform plan as an opportunity to gain an upper hand on the credit union exemption issue.

"Tax reform will be done at some point this year and that could bleed into next year. …

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