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South Dakota Bankers Urge End to Credit Union Tax Breaks

FILE: Bank Teller, Checking Account
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SIOUX FALLS, S.D. (AP) — The South Dakota Bankers Association wants Congress to eliminate tax exemptions for credit unions and the Farm Credit System.

The Bankers Association says those tax exemptions have outlived their initial purpose and deprive local, state and national governments of tax revenue.

Bankers Association President Curt Everson tells the Argus Leader that Congress should look into whether tax exemptions for credit unions and the Farm Credit System are consistent with the way they currently operate. The Bankers Association argues that credit unions no longer serve their original purpose of helping people of modest means.

Robbie Thompson is president and CEO of the Credit Union Association of the Dakotas. He says Congress has continued to support the tax exemptions to help credit union customers.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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