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News Now

Washington
Safeguarding CU tax exemption a priority CUNA
WASHINGTON (4/14/11)--With potential tax reform discussions on the horizon, Credit Union National Association (CUNA) Senior Vice President of Legislative Affairs John Magill reminded credit unions that CUNA would vigilantly monitor upcoming budget discussions for any mentions of the credit union tax exemption. CUNA has repeatedly emphasized that credit unions save consumers more than $6 billion a year in better rates and lower fees--far more than would be gained by taxing credit unions. And because credit unions are not-for-profit and member-owned, taxing credit unions really amounts to taxing their 92 million members. Those savings are passed on to members via better pricing of financial services. “The credit union tax exemption is one of the highest-yielding investments the federal government has made,” CUNA President/CEO Bill Cheney said. The exemption also helps ensure that consumers have choices beyond commercial, for-profit banks. President Barack Obama in a Wednesday speech proposed several measures to reduce the deficit, including tax code reforms and cuts in both military and domestic spending. These cuts would save an estimated $4 trillion over the course of 12 years.


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