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CU System
Tax issue irrelevant to MBLs--N.Y. league
ALBANY, N.Y. (1/6/10)--The fact that credit unions are exempt from income taxes should have no influence on federal lawmakers as they consider a bill to lift credit union member business lending to 25% of assets from 12.25%, the Credit Union Association of New York said. Whenever credit unions seek new powers, the tax issue gets raised and it is “irrelevant,” William Mellin, association CEO, told The Business Review of Albany, N.Y. (Jan. 1). “We are cooperatives,” he told the publication. “We are set up so that the profits go back to the members. And the members pay taxes.” As a whole, the credit union industry is not close to its collective cap, and for many credit unions the existence of a low cap is the problem, Mellin added. “Most credit unions in the country are small, and don’t want to gear up to get involved in commercial lending if they have to make 20 loans and then stop,” he said. Albany-based State Employees FCU (SEFCU) makes business loans ranging from $1,000 to as much as $10 million, the Review said. “What this [lifting of the cap to 25%] would do is support our future,” SEFCU CEO Michael Castellano told the publication. “We’re in sight of the limit, and demand for our business loans is stronger than ever.” Other credit union executives in the article included Bruce Beaudette, CEO, Summit FCU, Latham, and Paula Stopera, CEO, Capital Communications FCU, Colonie.
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