Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
PCUA board member challenges readers tax argument
HARRISBURG, Pa. (6/1/11)--Pennsylvania Credit Union Association board member Paula A. Nihoff advocated for credit unions’ tax-exempt status in a May 26 Readers Forum letter to The Tribune Democrat. Nihoff, who is president/CEO, HealthCare First CU, Johnstown, Pa., was writing in response to a May 20 letter, “It’s time credit unions paid their ‘fair share.’” In 1937, Congress granted credit unions federal tax-exemption based upon their cooperative structure as financial institutions that are operated by and for their members, Nihoff explained. Credit unions operate as democratically cooperative institutions, serving only their members, on a not-for-profit basis. “Credit unions put people (their members) ahead of profit,” Nihoff wrote. She noted that 92 million credit union members receive benefits from better pricing on services as a result of the tax exemption, saving them $7.5 billion a year. “That savings is especially significant when measured against $1.5 billion in lost federal revenue that the government says is represented by the credit union tax exemption,” Nihoff wrote. To read the full letter, use the link.
Other Resources

RSS print
News Now LiveWire
#NewsNow: @CFPB offers tips for consumers who think their credit/debit cards have been hacked. http://t.co/rHnfYkJPIj
13 hours ago
See who's 1st to earn @CUNA's new biz development designation #NewsNow http://t.co/vn5ch4HkRC
15 hours ago
Joe Bergeron, president/CEO of the Association of Vt. CUs, has been re-elected to the board of the @NCBACLUSA
15 hours ago
NCUA reminds: CU managers/directors looking to improve leadership skills still can register 4 Leadership Boot Camps. http://t.co/0AUtIpWNqr
15 hours ago
Australia's Customer Owned Banking Association is @fileneresearch 's latest Gold benefactor.
17 hours ago