The top Democrat on the Senate Banking Committee doesn’t appear to share the banking industry’s concerns about credit unions’ tax exemptions.
We asked Sen. Elizabeth Warren (D-Mass.) whether there was an argument for removing the tax-exempt status of credit unions over a certain size. That lobbying fight has slowly heated up in recent weeks.
The progressive Massachusetts Democrat acknowledged the banking industry’s concerns but sounded more preoccupied with the broader economic impacts of bank consolidation. “My concern remains over who is going to be there to do small business lending as more and more little banks sell out to the giant banks,” Warren said.
