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News Now

CU System
Rep. Perlmutter States Support Of CUs And Tax Status
DENVER (9/12/13)--After working closely the past month with the congressman, the Mountain West Credit Union Association announced Wednesday that U.S. Rep. Ed Perlmutter (D-Colo.) has issued a public statement of support for credit unions and their tax status.
 
"Congressman Perlmutter has always had a vision for empowering credit unions with the ability to serve our members and communities," said MWCUA President/CEO Scott Earl. "He clearly understands the difference in the way financial institutions are structured, and how credit unions are an important part of the economic structure of their local communities. We are honored to have a strong financial champion for consumers in our congressional delegation."
 
A long-time supporter of credit unions and a strong advocate of establishing early relationships with lawmakers, Perlmutter developed his relationship with credit unions while working as an attorney before becoming a public official. In that role, he represented credit unions, which helped him understand issues unique to credit unions.  He said it is important to "plant a seed" with lawmakers because they have the power to rewrite laws and "you don't know when that seed is going to germinate," he told CUNA's Governmental Affairs Conference in 2012 (News Now March 21, 2012).
 
"Colorado credit unions and Mountain West Credit Union Association have enjoyed a long and valuable relationship with Rep. Perlmutter, and we appreciate his ongoing willingness to talk to us about key issues like the credit union tax status," said Christopher Kemm, MWCUA vice president of political affairs. "Ed has been an important ally on Capitol Hill. We look forward to continuing our work with the congressman and his staff."
 
Perlmutter gave his support to credit unions' tax status one day after the Credit Union National Association and state leagues conducted their second social media campaign, Don't Tax My CU Tuesday II, to deliver the "Don't Tax" message to members of Congress.
 
Don't Tax My CU Tuesday II was the second day-long round of social media activities by members, credit unions, leagues, and others in support of keeping credit unions' federally mandated tax-exemption on income tax.  (See related story, CUs' 'Don't Tax Tuesday' Ups Message Total To 850,000, in today's News Now).
 
The latest social media event was timed to coincide with the return of lawmakers to Washington after their August recess. Many credit unions across the country took advantage of the recess to meet with lawmakers in their districts and urge them to support credit unions' tax status.
 
Also, an opinion-editorial in Sunday's Miami Herald written by George Joseph, president/CEO of Dade County FCU in Doral, Fla.. noted that "this week, credit union supporters will make their case and tell lawmakers directly that they do not want their credit unions taxed. Citizens must reach out to their representatives and call on members in both houses of Congress to join the fight against repealing the tax exemption status of credit unions."

The editorial also noted that credit unions from throughout the country will be "Hiking the Hill" this week on behalf of the tax status.  For the full article, use the link.
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