Evidence indicates that the credit union industry has strayed from its tax-exempt mission and is in direct competition with taxpaying banks, according to a new report from the Tax Foundation
In a new paper, the organization said the tax exemption cannot be justified on the grounds of sound tax policy, is not neutral, and leads to an inefficient allocation of resources.
As part of ICBA's ongoing efforts to level the playing field between community banks and credit unions, ICBA is advocating a provision in defense legislation that would require the Defense Department to treat banks and credit unions on military installations equally with respect to rent.
The issue is laid out in a recent joint op-ed
and Main Street Matters
post. Community bankers can use ICBA's Be Heard grassroots action center
to urge Congress to include this language in the final defense spending bill.
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