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."
The NCUA’s final field-of-membership rule was published Wednesday, making it effective Feb. 6. The rule, finalized by the NCUA board in October, facilitates consumer access to credit unions and provides credit unions with more flexibility.