BANKING & FINANCE - Feb. 5, 1992

Credit Unions Fight Rollback of Tax-Exempt Status: Credit union officials say they were stunned by a Bush Administration budget proposal that would repeal their institutions’ coveted tax-exempt status. The proposal--which would apply to credit unions with more than $50 million in assets--caught the industry off guard. But credit union leaders are vowing to fight the plan, which could affect about 960 credit unions with $146.5 billion in assets--more than half the industry total. The government estimates that the credit unions, which make about $1.5 billion a year, would pay taxes of about $200 million.