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ABA: The American Bankers Association
Letter to Congress & Regulators

ABA Letter to HFSC re: Oversight of the Credit Union Industry

  • From James Ballentine
  • Published September 10, 2019

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In 1934, Congress granted charter status (and soon thereafter codified a federal income tax exemption) to the credit union industry to help them meet the financial needs of consumers of small means that lacked access to mainstream financial services. Today, this $1.5 trillion industry continues to enjoy tax and regulatory preferences, even though many no longer resemble the mission-focused institutions that emerged out of the Great Depression. While the industry has transformed fundamentally over the past several decades, the rules of the road have not. We urge Congress to take a fresh look at whether tax and regulatory changes are needed.

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