US credit union movement hits back at attacks on tax exemption

Debate between the credit union and banking sectors over tax and regulation turned fierce this month when Alex Sanchez, president and chief executive of the Florida Bankers Association, called for an end to “corporate welfare” for credit unions.

In a piece for Fox Business News, Mr Sanchez attacked a tax exemption for credit unions “which has far outlived its usefulness and intended purpose”. This put community banks at a disadvantage, he argued, putting their future at risk.

There have been similar debates in Iowa, Nebraska, Connecticut, and Kentucky, prompting Ryan Donovan, chief advocacy officer at the Credit Union National Association (Cuna) to warn that bankers were switching the focus of their attacks from federal to state level.

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