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March 19, 2007
As you point out, the percent of non-interest income that will be eligible for taxation is small, but any taxation may be the start of the proverbial "slippery slope" and open the door for more banker attacks.
Any challenge to the income generating resources of a credit union, such as taxation or incented redistribution via social engineering, is an attack on the protective layer of capital of that credit union, which is a direct threat to the Federal sufficiency of the Deposit Insurance Fund. I recall a few decades ago that the FHLB with its FSLIC went to great lengths to redefine, and thereby strengthen, the capital of S&Ls for just that same purpose. Disintermediation through newly allowed brokered deposits, spawned by excessive insurance, and the respondive high risk lending took them to the edge, and many went over . Let''s not make the same mistake again. Don''t put Credit Unions at risk for petty social gains.
Jim Nichols - Sunnyvale, CA
Texas Credit Unions
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