WASHINGTON–Rep. Steve King (R-IA) has written written to House Ways and Means Committee Chairman Kevin Brady (R-TX) urging Congress to update a previous Government Accountability Office study on the credit union tax exemption, as well as membership practices of credit unions, according to the ABA Banking Journal.
The 2006 GAO report examined the effect of 1998’s Credit Union Membership Access Act on CU membership; reviewed the NCUA’s efforts to serve low- and moderate-income individuals; compared rates offered by credit unions with those offered by comparably sized banks; and assessed transparency of credit union senior executive compensation.
“Congress has a responsibility to all American taxpayers to ensure credit unions and all “not-for-profits” missions’ properly align with good public policy,” King wrote, according to the ABA Banking Journal. “The credit union tax expenditure alone will be nearly $10 billion over the next five years and the last GAO report showed significant weakness in oversight in the industry’s mission.”
King, however, is currently dealing with an outcry over comments made yesterday on MSNBC in which he suggested that white people have contributed more to civilization than any other race.