Title : Rep. King Calls for Update of GAO Study on Credit Unions
Rep. King Calls for Update of GAO Study on Credit Unions
Representative Steve King (R-Iowa) wrote House Ways and Means Committee Chairman Kevin Brady (R-Texas) on July 18th urging Congress to update a previous Government Accountability Office study on the tax-exempt status and membership practices of credit unions.It has been a decade since the GAO last examined this issue. At that time, GAO examined the effect of the Credit Union Membership Access Act on credit union membership; reviewed the NCUA’s efforts to serve low- and moderate-income individuals; compared rates offered by credit unions with those offered by comparably sized banks; and assessed transparency of credit union senior executive compensation.
Rep. King noted in his letter that regulatory and legislative changes have blurred the lines of distinction between credit unions and other depository institutions.
“Congress has a responsibility to all American taxpayers to ensure credit unions and all “not-for-profits” missions’ properly align with good public policy,” King wrote. “The credit union tax expenditure alone will be nearly $10 billion over the next five years and the last GAO report showed significant weakness in oversight in the industry’s mission.”
Read the letter.
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