Credit Unions Want More Business Lending and Banks are Fighting Back

Published on:
12 September 2006 at 10:19 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00001543-credit-unions-want-more-business-lending-/

By Eileen Coyne, Business First

Banks and credit unions have been at odds with each other for years over credit unions’ expansion while maintaining their exemption from federal and state income taxes.

The debate is being rekindled as credit unions seek authority from Congress to do more business lending, and as the Ohio General Assembly considers expanding state-chartered credit unions’ product and service mixes.

Bankers have complained for years that the tax exemption has enabled credit unions to unfairly accumulate market share and that many credit unions have become too large and bank-like to qualify for the tax break.

Meanwhile, credit union representatives argue they deserve the break because they are nonprofit cooperatives designed to serve select, linked groups of customers.

For this complete story, please visit Credit Unions Want More Business Lending and Banks are Fighting Back.

Credit Unions Want More Business Lending and Banks are Fighting Back

Unknown Author

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