Mica Response to FDIC Chief's Remarks on CU Taxation
March 10, 2004
FOR IMMEDIATE RELEASE
Contact:
Patrick Keefe, CUNA Communications
(202) 508-6765
pkeefe@cuna.com
Comment By Dan Mica
CUNA President and CEO
Responding to FDIC Chairman Donald E. Powell’s Remarks
About Credit Union Taxation
Before the Conference of
America’s Community Bankers, March 9
Mr. Powell, although appointed by President Bush to his current position, is clearly at odds with the Bush
Administration regarding the continued tax-exempt status of the nation’s credit unions. The departure from the
administration’s view was graphically illustrated when Treasury Secretary John Snow, speaking at the ACB
conference earlier that day, reiterated the administration’s view that credit unions should not be taxed.
Further, Mr. Powell’s comments are also out of line with his role as a regulator. Rather than focus on
political crusades advanced by those elements in the banking industry that wants to crush a part of the
financial community, he should be focusing solely on the safety and soundness of those financial institutions
he oversees. Perhaps he sees himself as a cheerleader for bankers, rather than as a protector of the public’s
savings in banks.
With its network of affiliated state credit union leagues, Credit Union National Association serves 90%
of America's nearly 10,000 credit unions, which are owned by more than 84 million consumer members. Credit
unions are not-for-profit cooperatives where people are worth more than money. For more information, visit www.cuna.org.
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