Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Leagues Keep Up 'Don't Tax My CU' Energy
WASHINGTON and PORTLAND, Maine (9/5/13)--State credit union leagues are continuing their efforts to promote the "Don't Tax My Credit Union" campaign to preserve credit unions' federal tax status in Maryland and the District of Columbia and in Maine.  
 
Today has been named "Don't Tax My Credit Union Day" by the Maryland and District of Columbia Credit Union Association (MDDCCUA). Credit union CEOs, employees and members will take to the streets of D.C. to rally and voice support for "Don't Tax My Credit Union," which saves members more than $138 million per year.
 
MDDCCUA will issue a public plea for an additional 5,000 contacts or signatures of support by Sept. 12. More than 8,000 contacts have already been made to Congress by Maryland and Washington, D.C., consumers.
 
If Maryland and District of Columbia credit unions are required to pay income tax, it could wipe out the $138 million in annual savings two million consumers in Maryland and the District of Columbia receive by choosing credit unions as their financial partner, said MDDCCUA.
 
Meanwhile, Maine Credit Union League President John Murphy appeared on Maine Public Broadcasting Network's Maine Calling, an interactive radio call in show hosted by Jennifer Rooks. Chris Pinkham, president of the Maine Bankers Association, also appeared.
 
Murphy discussed credit union tax advocacy efforts. He also covered the basic differences between banks and unique, not-for-profit credit unions that are owned by their members. Chartering and field of membership issues also were discussed during the show.
 
The fact is that credit unions have an obligation to their members to provide the products and services they expect and deserve, Murphy said.
 
Callers also noted the member-owned structure of credit unions, and the value that structure provides. Credit unions are willing to take their time and work with their members a little more, one caller said.
 
To listen to the show, use the link.
 
National contacts for credit unions and credit union members contacting Congressional members as part of the "Don't Tax My Credit Union" campaign total 800,000, CUNA said.
RSS print
News Now LiveWire
.@TheNCUA open board meeting starts at 10 a.m. ET tomorrow. It is board member J. Mark McWatters' first. Watch @NewsNowLiveWire
11 hours ago
.@CFPB is proposing to oversee larger nonbank auto finance companies for the first time at the federal level.
12 hours ago
.@CUNA's Bill Hampel moderates a discussion on the future of credit unions in the post-100 million member world. http://t.co/kcXykiRQVn
15 hours ago
#Breaking: QE likely to end next month, @federalreserve says #NewsNow #Market http://t.co/u7Fb5l5fwM
15 hours ago
.@Experian study confirms that building a credit history is beneficial to financial marginalized communities. 64M are "credit invisibles"
15 hours ago