New Study Critical Of Tax-Status Has Flaws

Credit Union Journal, The, May, 2004

A new study was released last week calling for the repeal of the federal tax exemption on the biggest credit unions-just as the banking trade association, the Independent Community Bankers of America, was launching its annual lobbying pilgrimage to Capitol Hill. As many as 300 community bankers could be seen wearing buttons declaring "Enough is Enough" with a red circle-and-slash over "Unfair Credit Union Expansion."

The study is really a study of studies, which is based on the recent GAO Report and other scholarly work by the Woodstock Institute and the National Community Reinvestment Coalition, and was conducted by Richmond, Va.-based economic researchers Chumra Economics & Analytics for the Thomas Jefferson Institute on Public Policy.

Though the study purports to...

Read the full article with a Free Trial at MyWire.

Premium Content Partnership | MyWire provides an in-depth online archive library of reference works.