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CU Tax Status, NCUA Nomination On CUs' Minds As Congress Returns
WASHINGTON (7/9/13)--As members of the U.S. Congress return to Washington this week, the credit union tax status and Richard Metsger's nomination to join the National Credit Union Administration board remain top priorities for the Credit Union National Association and credit unions.

CUNA President/CEO Bill Cheney and CUNA staff this week will continue their ongoing meetings with members of Congress, discussing the importance of maintaining the credit union tax status in those meetings. CUNA will be making its third, and in some cases fourth, contacts with key policymakers on the key issue of the credit union tax status, CUNA Executive Vice President of Government Affairs John Magill noted Monday.

Advocacy efforts from credit unions and their supporters also remain strong, as more than 300,000 separate congressional contacts have been made since mid-May as part of a groundbreaking CUNA/state credit union league advocacy effort. (See related story: Postcards, Newsletters, More Aiding CU Tax Status Fight.) Credit unions and their members are using CUNA and the state credit union leagues' resources, social media sites including Facebook, and micro-video site Vine, to tell their legislators, "Don't Tax My Credit Union!" This pro-credit union message is also being shared through Twitter feeds, CUNA's Twitter handle @CUNAadvocacy and the hashtag, #DontTaxMyCU.

Key policymakers have made it clear they intend to move quickly on tax reforms, with Senate Finance Committee leaders Max Baucus (D-Mont.) and Orrin Hatch (R-Utah) last month advising lawmakers all proposed language for a comprehensive tax reform bill must be submitted for the committee's consideration by July 26. They have told their colleagues to plan for a tax reform vote early this fall.

Another key credit union priority is the progress of Metsger's NCUA nomination. The NCUA board nominee appeared before the Senate Banking Committee late last month, and his nomination must be approved by banking committee and Senate votes before he can join the agency.

The committee has not announced when it will take future actions on Metsger's nomination.

The House and Senate are both scheduled to remain in session until August 2.
Items on the House Financial Services Committee's agenda for this week include:
  • A July 9 financial institutions and consumer credit subcommittee hearing on the Consumer Financial Protection Bureau's safeguarding of consumer data;
  • A July 9 oversight and investigations subcommittee hearing on the constitutionality of sections of the Dodd-Frank Act that concern "Too Big to Fail" financial institutions;
  • A July 10 House Appropriations financial services and general government subcommittee markup of the fiscal 2014 Financial Services and General Government Appropriations Bill;
  • A July 10 capital markets and government sponsored enterprises subcommittee hearing on how government red tape hinders a healthier economy; and
  • A July 11 Senate Banking Committee hearing entitled "Mitigating Systemic Risk Through Wall Street Reforms."
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