WASHINGTON (9/16/13)--Last week's strong advocacy efforts, made on "Don't Tax Tuesday" Round Two, were impressive, but Credit Union National Association President/CEO Bill Cheney said credit unions must stay engaged and be relentless on the advocacy front to ensure the credit union tax status is not targeted in any draft legislation that would become the basis for all future tax reform discussion.
Last week's Don't Tax Tuesday efforts were particularly timely, Cheney wrote in the latest edition of The Cheney Report,
"because the key lawmakers spearheading the reform effort continue to say that there will be a draft tax proposal this fall." House Ways and Means Committee Chairman Dave Camp (R-Mich.) has told his fellow lawmakers he is sticking with his tax reform timeline of "this year." And, Cheney noted, on the Senate side, recent media reports indicate the Finance Committee may approach tax reform in pieces, or as a white paper, rather than as a comprehensive bill.
Tuesday's major social media push used Twitter, Facebook, as well as CUNA's own DontTaxMyCreditUnion.org websites--in Spanish and English--to generate over 5,000 tweets, 600 Facebook posts and 8,000 e-mails to lawmakers. Overall, more than one million Twitter users were potentially exposed to the #DontTaxMyCU campaign yesterday, and 4,800 individual tweets were specifically aimed at the Twitter accounts of Members of Congress.
Credit unions will need to keep up this good work to repel bank attacks against their tax status. While bankers have tried to outmuscle and outmaneuver credit unions with paid advertising in Washington, D.C., papers, "those paid ads paled in comparison to our grassroots efforts," Cheney said.
"We cannot let the bankers, who are getting more active in attacking our exemption, out-message us on [Capitol Hill]," Cheney wrote. "I can assure you that with your support that will not happen," he said.
This week's edition of The Cheney Report
- The crucial role that states played in generating lawmaker support for credit unions;
- The results of Thursday's National Credit Union Administration board meeting; and
- The positive press coverage that CUNA's Women's Finance Survey has generated.
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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
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