Thursday, September 9, 2010

Process of Conversion Should Be Simplified

In a September 2 letter to the Presidential Commission on Fiscal Responsibility and Reform, ABA President and CEO Ed Yingling said: "The recent changes in the nature of the credit union industry make a re-examination of [its] tax status appropriate.”

Yingling added that "as an intermediate step bank-like credit unions could be required to become taxpaying entities by converting to a mutual thrift charter. This process of conversion should be simplified and encouraged."

The letter is below (click to enlarge image).

1 comment:

  1. "Process of conversion should be simplified".
    How about, "NCUA has overreached with its rulemaking and is well beyond Congressional intent. Let's take the rules back to 1998 where they should be or, better yet, lets have OCC/OTS approve the process and relieve NCUA of this burden."
    They're quite busy these days. So busy, they can't seem to resolve problem Credit Unions or the Corporate system.



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