Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
CUs, Leagues Keep Up Tax Status Efforts In Districts
MADISON, Wis. (8/9/13)--Four more endorsements for credit unions' tax-exempt status among Michigan's members of Congress, a new brochure with 32 Texas members of Congress and top state officials' expressing their specific support of credit unions' status, meetings with congressmen in Pennsylvania, and credit unions' continued determination to deliver the Don't Tax My Credit Union message are among the results of individual efforts back in the congressional districts.

The Cornerstone Credit Union League Thursday sent Texas credit unions an updated tax brochure outlining members of Congress who support credit unions and their tax exemption (Leaguer Aug. 8). In addition to Gov. Rick Perry and Lt. Gov. David Dewhurst, who both state their support of credit unions' tax exempt status, the brochure includes 38 members of Congress and the Senate who state their support of credit unions. Of the 38 listed, 32 specifically state their support of the tax exemption. (Use the link to access the brochure).
Pennsylvania credit unions expressed concern about tax code reform and other issues with U.S. Rep. Joe Pitts (R-Pa.) in a meeting at his district office Wednesday. From left:  Rep. Pitts; Nate Muniz and Barb Bowker of PSECU, Harrisburg; Abby Kiebach, Lancaster (Pa.) Red Rose CU; and Tim Morris, Citadel FCU, Exton. Also attending was Pennsylvania Credit Union Association Vice President of Governmental Affairs Christina Mihalik. (Photo provided by the Pennsylvania Credit Union Association)
In the brochure, U.S. Rep. Sam Johnson (R-3) , a credit union member, stated, "I will, as a senior member of the Ways and Means Committee, continue to fight for economic policies that promote freedom and free enterprise and stand up against new taxes that punish growth, prosperity and savings."
And Jeb Hensarling (R-5) said, "I will continue to fight against imposing new regulatory and tax burdens on the financial institutions that are working to spur economic growth by effectively meeting the financial needs of their communities. I believe it is critical that we keep credit unions lending in this challenging period in our nation's economic history."
Rep. Al Green (D-9), ranking member of the Financial Services subcommittee on oversight and investigations, noted, "While we must exercise fiscal responsibility in Congress, changing the historical tax-exempt status of credit unions could potentially hurt many low-income communities' access to financial services. I will continue to support our credit unions and the vital role they play in communities across our nation."
Click to view larger image Associates of Aventa CU, Colorado Springs, Colo., unite on casual Fridays to promote "Don't Tax My Credit Union," the national campaign working to make sure Congress doesn't take away the credit union tax-exempt status during its tax code reform. (Photo provided by Aventa CU).
In Michigan, U.S. Reps. John Dingell (D), Tim Walberg (R) and Kerry Bentivolio (R)  and  U.S. Sen. Debbie Stabenow (D) weighed in with statements of their support for credit unions' tax exemption, said the Michigan Credit Union League.  They join Democrats Sander Levin, Gary Peters and Dan Kildee and Republican Mike Rogers who already issued statements supporting the tax exemption.
Dingell, the longest-tenured member of Congress in history, said, "Credit unions help thousands of people in my district save responsibly and are an invaluable source of private credit. So long as they stick to their mission of serving their members, I will continue to support their tax-exempt status."  A spokesman for Walberg told the league, "Rep. Walberg strongly supports maintaining the exemption."
In Pennsylvania, credit union leaders met Wednesday with U.S. Rep. Joe Pitts (R) at his Lancaster district office to discuss and share their concerns about tax code reform, regulatory burdens and the effects they have on credit unions and consumers (Life is a Highway Aug. 8). The Pennsylvania Credit Union Association, represented at the meeting by Vice President Governmental Affairs Christina Mihalik, said Pitts was sympathetic to over-regulation and the challenges faced by credit unions and other industries.
Credit unions attending included Lancaster (Pa.) Red Rose CU; PSECU, Harrisburg; and Citadel FCU, Exton. The meeting marked the first of several district meetings and conference calls with Pennsylvania's congressional delegation during the summer recess.
And credit unions across the nation, like Aventa CU in Colorado Springs, Colo., were wearing Don't Tax My Credit Union t-shirts and urging their members to send letters to their congressional representatives using the Credit Union National Association's website.
Membership awareness events at the $152 million asset credit union during July and August include lobby events, statement inserts, website content, casual Friday awareness days, handouts and more.
"We feel it is important to rally our membership in support of 'Don't Tax My Credit Union,'" said Karin Kovalovsky, director of marketing and corporate communications.  "As the owners of Aventa CU, they need to recognize the importance of our tax-exempt status. By creating awareness about this issue among our membership, we hope that they will unite to send a clear message to Congress."

News Now LiveWire
Final field-of-membership rule tops April 30 NCUA agenda
1 day ago
.@CUNA's @Nussle speaks to @VonnieQuinn about #StoptheDataBreaches and reg. relief.
1 day ago
RT @NCUFoundation: .The Foundation's @hylandhighway with @NatlJumpStart President/CEO Laura Levine at #FLHillDay2015 today:…
1 day ago
Seriously underwater homes rise, new-home sales tumble News Now:
1 day ago
#NewsNow Cornerstone Foundation awards $71K in grants
1 day ago