Harriet May to testify for CUNA at tax hearing

WASHINGTON (11/1/05)--Harriet May, president/CEO of GECU of El Paso, Texas, will represent the Credit Union National Association (CUNA) at Thursday's House Ways and Means Committee hearing on the credit union tax exemption.

May will testify at the hearing titled, "Review of Credit Union Tax Exemption." Bank groups also will get a say on the credit union issue, according to CUNA lobbyists.

The hearing will examine the legal history of the tax exemption for credit unions, to determine whether credit unions are serving the goals intended with their tax-exempt status, according to a release from the House Ways and Means Committee.

Besides May, other witnesses were not identified, but will represent the National Credit Union Administration, the U.S. Government Accountability Office, the Internal Revenue Service, the National Association of Federal Credit Unions, and banking groups, said CUNA Legislative Affairs Vice President Gary Kohn. Academic experts may also testify, he added.

The participating banking organizations include the American Bankers Association, the Community Bankers of America, and the Independent Community Bankers Association.

GECU has $1.02 billion in assets and 247,000 members. May also is a member of the CUNA Board of Directors.

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