WASHINGTON (8/12/13)--The latest edition of The Cheney Report provides updates on three issues of critical importance to credit unions: Tax status discussions, interchange, and regulatory relief.
While members of Congress have now completed the first week of their five-week Summer District Work Break, credit unions must keep up the pressure and keep communicating their message, Cheney said in this week's Report.
And, if credit unions need another reason to stay engaged in the Don't Tax My Credit Union campaign, the CUNA CEO provides them with new motivation: bankers. The banks have unveiled the website "It's Time to Pay," which attempts to build a social media presence--presumably among bank employees--toward manufacturing some congressional momentum in taxing credit unions, he added.
Credit unions are already responding, and will not let banks out-message them," Cheney wrote.
As for interchange, CUNA and credit union leagues are working together to help credit unions understand what a recent decision to strike down the federal reserve's interchange rules means for them and their operations.
A hearing on this decision is set for Aug. 14. CUNA will attend the hearing and inform credit unions of pertinent developments, the CUNA CEO noted.
CUNA is also advocating for credit union interests as the National Credit Union Administration conducts its annual "regulatory review." The agency is taking a second look at one-third of its regulations each year, and this reexamination is the "perfect time to take action to lessen the regulatory load," Cheney said.
Each Friday, The Cheney Report 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.