WASHINGTON (3/5/12)--As part of an ongoing legislative and regulatory advocacy efforts and wasting no time following the release of the president's corporate tax reform proposal, Credit Union National Association (CUNA) President/CEO Bill Cheney and senior staff met with White House Deputy Chief of Staff for Policy Nancy-Ann DeParle.
The discussion focused on reaffirming the importance of credit unions' tax exempt status, the need for regulatory relief for credit unions, and enhancing the administration's support for credit union initiatives, such as member business lending.
CUNA President/CEO Bill Cheney (center, under the White House seal) with (from left) General Counsel Eric Richard, Deputy General Counsel Mary Dunn, Executive Vice President John Magill, and Legislative Affairs Senior Vice President Ryan Donovan prepare to meet with White House Deputy Chief of Staff Nancy-Ann DeParle. (CUNA photo)
"I was pleased I was able to meet with Deputy Chief of Staff DeParle and that she is so conversant on credit union issues. I felt the meeting was productive, and she was receptive to hearing about our concerns," Cheney said. He was accompanied by CUNA Senior Staff John Magill, Eric Richard, Mary Dunn and Ryan Donovan.
Cheney added, "At a time when policy makers are scrutinizing every aspect of the tax code for revenue, we are reassured the credit union tax exemption is not a target in the president's package."
During the meeting, CUNA emphasized the importance of the nation's 7,300 credit unions to their more-than 94 million members, consumers and small businesses alike and how the tax exemption for credit unions benefits credit union members, their communities and the nation's economy.
CUNA also highlighted credit unions' anxieties about regulatory burdens and, as requested, will be following up with White House staff on these concerns.
In addition, CUNA urged the White House to be more vocal of its support for credit unions' role in meeting their members' financial needs and the legislation endorsed by the U.S. Treasury Department to raise the member business lending cap to 27.5% of assets, up from the current 12/25% restriction. CUNA estimates the increase would create the availability of $13 billion of new credit for small businesses and create as many as 140,000 new jobs--all at no cost to the U.S. taxpayer and all within the first year of enactment.