Citing problems with credit union industry transparency, oversight, and unfair competition, the National Taxpayers Union told key members of Congress that it opposes expanding the credit union member-business-lending cap unless several conditions are met.
In a letter to Senate Banking and House Financial Services committee leaders, the NTU said lawmakers should address field-of-membership concerns, the lack of tax parity with other financial institutions, the Unrelated Business Income Tax, and the Form 990 exemption for federal credit unions.
ICBA has long opposed credit union industry efforts to raise the 12.25 percent lending cap. In a May letter to the committees, ICBA said the industry's efforts to exempt COVID-19-related business loans from the member-business-lending cap is a solution to a problem that doesn't exist.
