2-55 A significant advantage for credit unions in competing with commercial banks is the tax-exempt status that has been granted to credit unions.

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This statement is true. Credit unions are non-profit financial institutions and are exempt from federal income taxes under the tax code. This tax-exempt status allows credit unions to offer lower interest rates on loans and higher interest rates on deposits, giving them a competitive advantage over commercial banks.

2-55 a Significant Advantage for Credit Unions in Competing with Commercial