Newsroom
September 10, 2013
Berger in the press on tax exemption, more
Sept. 11, 2013 – NAFCU President and CEO B. Dan Berger explained the importance of the credit union tax exemption in an editorial published in The Hill Tuesday and was quoted in Bankrate.com about the challenges facing credit unions.
"Americans have found their niche with credit unions. When members walk through a credit union's door, they know they will get a lower interest rate and lower fees and will receive a level of service that is second to none," Berger wrote in The Hill. He explained why the tax exemption is vital to credit unions' survival and why it is good for the country for credit unions to keep going strong.
"Credit unions helped Main Street through the crisis, and they are continuing to doing it now: Small-business loans have grown to $43.5 billion, by 8.3 percent, in the 12-month period ending this June. By contrast, banks' small-business loans have decreased .4 percent to $652.7 billion for the same period," Berger wrote.
In Bankrate.com, Berger discussed the difficulty credit unions are facing in complying with a mountain of regulation: "We're probably losing a credit union a day, and, of course, primarily the smaller ones under $50 million in assets, $100 million in assets . . . We're just not big banks, we're not Wall Street banks, we don't have dozens of compliance officers. You'd be lucky to have one compliance officer."
Credit unions are in Washington for NAFCU's Congressional Caucus this week to advocate for regulatory relief and other industry causes, including preserving the credit union federal income tax exemption; today is the conference's final day, at the Mayflower Renaissance Hotel.
"Americans have found their niche with credit unions. When members walk through a credit union's door, they know they will get a lower interest rate and lower fees and will receive a level of service that is second to none," Berger wrote in The Hill. He explained why the tax exemption is vital to credit unions' survival and why it is good for the country for credit unions to keep going strong.
"Credit unions helped Main Street through the crisis, and they are continuing to doing it now: Small-business loans have grown to $43.5 billion, by 8.3 percent, in the 12-month period ending this June. By contrast, banks' small-business loans have decreased .4 percent to $652.7 billion for the same period," Berger wrote.
In Bankrate.com, Berger discussed the difficulty credit unions are facing in complying with a mountain of regulation: "We're probably losing a credit union a day, and, of course, primarily the smaller ones under $50 million in assets, $100 million in assets . . . We're just not big banks, we're not Wall Street banks, we don't have dozens of compliance officers. You'd be lucky to have one compliance officer."
Credit unions are in Washington for NAFCU's Congressional Caucus this week to advocate for regulatory relief and other industry causes, including preserving the credit union federal income tax exemption; today is the conference's final day, at the Mayflower Renaissance Hotel.
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