Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Three congressmen back CU tax status in letter to House leaders
WASHINGTON (12/21/11)--Three congressmen offered their support for credit union tax-exempt status in a letter sent to U.S. House of Representatives Speaker John Boehner (R-Ohio), U.S. House Majority Leader Eric Cantor (R-Va.) and U.S. Rep. Dave Camp (R-Mich.), the chairman of the House Ways and Means Committee, on Dec. 15.

During a meeting with credit union leaders at the Missouri Hike the Hill in Washington, D.C. in October, U.S. Rep. Todd Akin (R-Mo.) announced his willingness to write a letter in support of the credit union structure and tax status, according to the Missouri Credit Union Association (MCUA) (The Missouri Difference Dec. 20).  

"Credit unions continue to serve the initial goals intended by Congress when their tax-exempt status was granted," the letter states. "Regardless of size, credit unions remain cooperatives. They are operated by utilizing democratically controlled volunteer boards of directors who subsequently return their earnings to members of the credit union."

The letter is signed by Akin and U.S. Reps Daniel Lungren (R-Calif.) and Ron Paul (R-Texas).

"We thank Congressman Akin for his understanding of how credit unions serve their communities and the need to preserve credit unions' tax status," said MCUA President/CEO Mike Beall. "We appreciate his efforts and continued support."

Credit Union National Association (CUNA) Executive Vice President John Magill said CUNA welcomed members of the U.S. Congress reaffirming their support for credit unions and the tax status.

"The credit union tax status enjoys broad bipartisan support in Congress because the structure of credit unions remains the same as it was when credit unions were created," Magill said. "We are grateful that these members took the initiative to remind their colleagues of the important role credit unions play in the lives of their members."


RSS print
News Now LiveWire
Large CU stress testing on the agenda for the April @theNCUA open meeting http://t.co/2TUcnmCmPi
3 hours ago
#FinancialLiteracyMonth Test your college financial aid knowledge @nasfaa http://t.co/xgrDmHaw8W
12 hours ago
Join @theNCUA #NCUAchat with @KenWortheyJr on April 23 from 11am to 12pm EST http://t.co/TnNmfFh4Nl #FinancialLiteracyMonth
13 hours ago
Maine's patent troll bill has become law. Read more in Monday in @NewsNowLiveWire
16 hours ago
Wash. DFI discusses serving legal marijuana businesses with @NWCUA http://t.co/3kw79HJUYF
16 hours ago