CUs Insist: Don't Risk Our Tax Exemption

WASHINGTON (02/26/01) -- Credit union executives urged CUNA during Sunday's hearing before the trade association's Renaissance Commission to protect the credit union tax exemption at any cost, even if it means settling for continued limitations on FOM and other powers. "There isn't any benefit that would be worth repeal of our tax exemption," said Shane Berger, president of $37 million Beehive FCU, Rexburg, Idaho, who came to that conclusion after comprehensive discussion with other credit union officials throughout his home state. Robert Bream, president of $3 billion United Airlines Employees CU, said he believes if credit unions continue to push for open FOMs it will threaten the tax exemption.