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."