Banks pushing for repeal of credit unions’ federal tax exemption


Jim Puzzanghera
L.A. Times
July 7, 2013

Credit unions have been snatching customers from banks amid consumer frustration over rising fees and outrage over Wall Street’s role in the financial crisis.

Now banks are fighting back by trying to take away something vital to credit unions — their federal tax exemption.

With fast-growing credit unions posing more formidable competition to banks, industry trade groups are pressing the White House and Congress to end a tax break that dates to the Great Depression.

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