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Senate approves compromise on credit-union expansion; task force to study taxes and commercial lending
Summary
After hours of debate, the Utah Senate passed a negotiated substitute to House Bill 162, creating a two-year task force to study whether certain credit unions should pay a corporate/franchise-style assessment and restricting commercial lending by so-called "nonexempt" credit unions. Supporters called it a workable compromise; critics said it punts difficult tax decisions to the future.
The Utah Senate on March 4 approved a fourteenth substitute of House Bill 162 after lengthy floor debate, adopting a negotiated compromise to settle a years-long dispute between banks and credit unions. The measure defines a class of "nonexempt" credit unions (those with a field of membership covering residents of two or more counties when one county is of the first or second class), bars those nonexempt institutions from member-business (commercial) lending, and creates a task force to study whether such credit unions should face a statewide competitive-equity assessment or franchise-style…
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