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News Now

Washington
Cheney Report: CUs Must Be Heard As Tax Talk Intensifies
WASHINGTON (5/6/13)--The Credit Union National Association is vigorously defending the credit union tax exemption as the U.S. Congress continues to consider broad tax code changes. However, "the days of playing defense are coming to an end--and the time for actively advocating for a continued tax exemption is here," CUNA President/CEO Bill Cheney wrote in this week's edition of The Cheney Report.

A comprehensive tax reform report is expected to be released today, and the report could include some commentary about the credit union tax exemption. "Our tax preference won't be alone--any and all others will be mentioned, most likely, in one way, shape or form. So, from that point of view, we will have plenty of company," Cheney wrote. (See related story: House committee tax policy report out today)

Credit unions will need to rise above the resulting din and stand up for their tax status. "We can't be drowned out by all of the noise that will likely erupt early next week and continue throughout the process of tax reform," the CUNA CEO said. As many as 400 other affected parties will also be speaking up to defend their own priorities, and in times like this, "the squeaky wheel gets the grease," he emphasized.

Credit unions "are going to have to become the 'squeaky wheels'" and makes as much noise as possible, Cheney wrote.

One way credit unions can become "squeaky wheels" as quickly as possible is using CUNA's Tax Status Advocacy Toolkit to help their member outreach efforts, he noted. The importance of incorporating 96 million members into credit union advocacy efforts was also covered in a CUinsight.com column by CUNA Executive Vice President of Strategic Communications Paul Gentile. (Use the resource link for May 2 News Now story: CUNA In CU Insight: 96 Million Voices Can Back CUs In Tax Battle.)

This week's Cheney Report also includes:

  • Cyber security news;
  • Comments on remittance regulations;
  • News on credit union Financial Literacy Month activities; and
  • An update on credit union auto lending activities.
Each Friday, The Cheney Report delivers Cheney's insights on three to four key events and policy developments affecting credit unions into the e-mail inboxes of credit union CEOs. The report also provides a valuable window into CUNA's actions on behalf of member credit unions and reinforces the value of CUNA membership.

To sign up for The Cheney Report, click the resource link below and use the "subscribe" tab on the right of the page.

Past issues of The Cheney Report are also archived on cuna.org.
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