United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 2005-11-03 monographic deposited born digital 35 p. GA 1.13:GAO-06-220T https://www.govinfo.gov/app/details/GAOREPORTS-GAO-06-220T P0b002ee18038be31 f:d06220t DGPO 2010-08-12 2011-03-28 GAOREPORTS-GAO-06-220T machine generated eng fdlp REPORT GAOREPORTS-GAO-06-220T GAO-06-220T Banking law Banking regulation Comparative analysis Credit unions Executive compensation Financial institutions Income taxes Internal controls Reporting requirements Tax exempt organizations Tax exempt status Cooperatives Testimony A40977 Unlike other depository institutions, credit unions are exempt from federal corporate income taxes. Recent legislative and regulatory changes to credit union membership restrictions and allowable products and services have blurred some of the historical distinctions between credit unions and other depository institutions. As a result, some observers have raised questions about whether tax exemption provides credit unions with an advantage over other depository institutions and whether the original basis for tax exemption is still valid. As part of its continuing oversight of the tax-exempt sector, the House Committee on Ways and Means asked GAO to address (1) the historical basis for the tax-exempt status of credit unions; (2) the arguments for and against taxation, including estimates of potential revenue from eliminating the exemption; (3) the extent to which credit unions offer services distinct from those offered by banks of comparable size, and serve low-and moderate-income individuals; and (4) the extent to which credit unions are required to report information on executive compensation and assessments of their internal controls. https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-06-220T/html/GAOREPORTS-GAO-06-220T.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-06-220T/pdf/GAOREPORTS-GAO-06-220T.pdf GAO-06-220T https://www.govinfo.gov/app/details/GAOREPORTS-GAO-06-220T Testimony GAO-06-220T; Financial Institutions: Issues Regarding the Tax-Exempt Status of Credit Unions; Banking law Banking regulation Comparative analysis Credit unions Executive compensation Financial institutions Income taxes Internal controls Reporting requirements Tax exempt organizations Tax exempt status Cooperatives Volume 112 Page 914 112 Stat. 914 Public Law 105-219