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News Now

CU System
School Board's Tax Resolution Heads Toward Public Hearing
BISMARCK, N.D. (12/18/13)--Banks in South Dakota remain persistent in attempting to get local-level government entities to weigh in on credit unions' tax status.  However, credit unions should not be deterred by the Brookings (S.D.) School Board's action Monday to move banks' resolution to a public hearing, said the Credit Union Association of the Dakotas.
 
Credit union advocates could not get on the school board's meeting agenda and therefore did not get the opportunity to rebut bankers' arguments, said CUAD (The Memo Dec. 17). A public hearing presents that opportunity. In other meetings in Brookings and several areas of the state, when credit unions were able to present their case, they have prevailed.
 
According to CUAD advocates who attended the meeting, board member Van Fishback opened the discussion and Marysz Rames, the board president, directed the board to move the bank-driven resolution forward for a public hearing.  Fishback is a third-generation banker and vice chairman of Fishback Financial Corp., the holding company for First Bank and Trust of Brookings.
 
The resolution was brought by Kevin Tetzlaff, president/CEO of First Bank and Trust in Brookings, and chairman of the South Dakota Bankers Association.

In other developments, due to a scheduling conflict, the "Taxation Equality" resolution did not go before the Yankton (S.D.) County Commission Tuesday afternoon and is likely to be rescheduled to be considered at the next meeting in January, said CUAD, whose advocates will be on hand to debate the bankers' appeal.
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