Representative Steve King (R-Iowa) wrote House Ways and Means Committee Chairman Kevin Brady (R-Texas) on July 18th urging Congress to update a previous Government Accountability Office study on the tax-exempt status and membership practices of credit unions.
It has been a decade since the GAO last examined this issue. At that time, GAO examined the effect of the Credit Union Membership Access Act on credit union membership; reviewed the NCUA’s efforts to serve low- and moderate-income individuals; compared rates offered by credit unions with those offered by comparably sized banks; and assessed transparency of credit union senior executive compensation.
Rep. King noted in his letter that regulatory and legislative changes have blurred the lines of distinction between credit unions and other depository institutions.
“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. “The credit union tax expenditure alone will be nearly $10 billion over the next five years and the last GAO report showed significant weakness in oversight in the industry’s mission.”
Read the letter.
I just wish somebody would ask GAO to look at the Sub S banks. Long time since they had a through examination.
ReplyDeleteI would not be opposed to this. I suspect CUs would like to change the subject and are nervous about having themselves examined.
DeleteDid I mention that Rep. King is a recipient of ABA funds to his campaign? Not complaining. Just the facts.
ReplyDeleteTrue. The same can be said about Rep. Royce.
DeleteYou are absolutely correct. But how many GAO studies of banks has Mr. Royce asked for?
DeleteJust live these cub reporters who scoop only themselves.
ReplyDelete"Did you know Rep King takes funds from ABA..."
Here's a scoop for you.
Congress is corrupted in this way thru and thru.
Wake up.
What do you think CUNA does with your members capital?
They waste it.
They wanted paying mica, Cheney and nussle millions and wasted it feeding congress.
And what did it get you?
Boy can Dan Berger turnout the garbage replies or what?
ReplyDeleteGo to CUTimes and read what your Nafcu dues get you.
One fable after another.
Hey Dan, do us a favor and show us the actual assumptions your crack staff relies on the make the preposterous consumer savings numbers.
And while you're at it, tell us your source for the number of members in Iowa because if you're using call reports or credit unions, you're wrong. That data doesn't factor in folks who are members of more than one cu.
All I have time left for ID your continued make believe that sub s don't have to deal with federal taxes.
I'd pretend that you don't know better on this stuff but since you're compromised by the fact that your income is reliant on credit unions and you haven't accomplished ANYTHING OF IMPORTANCE DATING BACK TO BEFORE THE BECKER DAYS,...
So glad we disaffiliated from CUNA and Nafcu.