A bombshell letter from a prominent senator and a court ruling criticizing credit unions’ interpretation of “field of membership” have bankers hopeful that Congress may finally be willing to examine the public-policy purpose of the Depression-era tax break.
The National Credit Union Administration’s defense of changes to a field-of-membership rule was challenged by a federal judge on Wednesday, suggesting an American Bankers Association lawsuit against the revisions may be successful.
Credit union executives talked up a pending regulatory relief effort while endorsing a radical shift in direction by the Consumer Financial Protection Bureau during a meeting with President Trump and other top White House officials on Monday.
The National Association of Federally-Insured Credit Unions and the Credit Union National Association sent a joint letter to Sen. Orrin Hatch on Wednesday defending the credit union charter and its tax status.
Fifty-two state bank trade associations sent a letter to Sen. Orrin Hatch, R-Utah, encouraging him to continue his review of the credit union tax exemption.
