Legislators Unsure of Role After Credit Union Shift

Legislators Unsure of Role After Credit Union Shift


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(Salt Lake City-AP) -- The 2003 Utah Legislature, unsure what to do about the push by the state's banks to tax the state's largest credit unions, ended up voting to study the issue.

Legislators meeting yesterday to satisfy that requirement were uncertain of the direction they should take, now that the three large credits unions have moved themselves from state regulation to federal regulation.

America First, Mountain America and Goldenwest last week switched from state to federal charters, allowing them to ignore the restrictions that the Legislature put on their lending activities.

Only the state's smallest credit unions remain under state control and they were never the target of the bankers, who contended that the largest credit unions were operating like banks without being taxed like banks.

(Copyright 2003 by The Associated Press. All Rights Reserved.)

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