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Time Magazine Column Questions CU Tax Status

Posted on 3/8/2013

A story posted last Wednesday on Time magazine's website challenges the credit union industry's arguments for increasing its member business-lending cap. "How [increasing the business-lending cap] will further credit unions ability to fill their public purpose is difficult to see," wrote Christopher Matthews in a story titled "Should credit unions have to pay income tax?" The story, which was spurred by the ads ABA ran this week in the Washington, D.C., market, explores how credit unions' traditional role has changed and how their tax exemption provides a competitive advantage over community banks. "[T]he case for raising the cap, which was instituted to promote credit union stability and to focus credit unions on their traditional role of promoting access to consumer financial services, feels a bit shaky to me," Matthews concludes. "With so many millions of Americans relying on check-cashing services and payday lenders, shouldn't Congress be focusing on policies that aid credit unions in helping those folks?"

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