The U.S. Senate Finance Committee working group charged with examining the business income tax code released its report Wednesday with recommendations for reforms. It contained no mention of altering credit unions’ tax status in any way.
Under the headline "Credit Unions, Taxes, and Dishonest Bankers," Ryan Ellis wrote in Forbes that banks' attacks on the credit union tax status aren't "about fairness, or tax reform, or even good public policy."
CUNA’s compliance staff went back to basics in a recent CompBlog entry examining floor rates on variable-rate open-end loans. These rates are governed by the Credit Card Accountability and Disclosure (CARD) Act.