NASCUS Receives Congressional Request for State Credit Union Data Collection
NASCUS received a letter from House Ways and Means Chairman Bill Thomas (R-CA) requesting that state credit union regulators collect data about the credit unions in their states.
In its information request, the Committee cites the importance of having an understanding of how state-chartered credit unions, which account for 40 percent of the nation’s credit unions, serve their members.
NASCUS will hold teleconferences with state regulators to further discuss the Congressional request. “NASCUS is committed to addressing the issues raised by the House Ways and Means Committee,” said NASCUS President and CEO Mary Martha Fortney. “NASCUS will certainly cooperate with the Committee as we have cooperated with Congress in the past.”
Chairman Thomas asks that state credit union regulators survey a representative sample to gather information in four areas: membership, executive compensation, credit union service organizations (CUSOs) and unrelated business income tax (UBIT).
The House Ways and Means Committee is conducting oversight of the nation’s tax-exempt sector in the 109 th Congress. As a part of this oversight, the Committee reviewed the credit union tax exemption in a hearing held on November 3, 2005.
NASCUS will provide updates on the issue as appropriate.