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News Now

CU System
Dakota Bankers Plan Another Tax Push In Yankton, Vermillion
BISMARCK, N.D. (11/27/13)--The South Dakota Bankers Association Monday presented a resolution proposal to the Yankton (S.D.) City Commission in support of taxing federal credit unions and farm credit system institutions.
 
Credit union advocates attended the meeting and successfully defended against the bankers claims, the Credit Union Association of the Dakotas (CUAD) reported (Memo Nov. 26).
 
The city commission tabled the resolution and will consider it at a later date.

South Dakota banks are attacking the credit union tax status on a county-by-county basis. On Nov. 19, South Dakota's Brookings County Commission Tuesday voted 4-0 to table a bank-backed resolution that would have supported taking the tax-exempt status away from credit unions and farm credit services. Speaking on behalf of South Dakota credit unions at the meeting were Dan Cumbee, CEO Dakotaland FCU, Huron, and Jeff Olson, CUAD vice president of advocacy and awareness (News Now Nov. 20).

Last week, state banks presented a similar proposal to the Yankton County Commission. The county commission also tabled the resolution. 

"As credit unions, we must continue to stand up for our members and our movement," said Olson. "No voice is stronger than our own credit union CEOs, managers, employees and volunteers."
 
Bankers also plan to present their proposal to the Vermillion City Commission on Dec. 2 and to the Vermillion School Board on Dec. 9, CUAD said. League representatives will attend each of the public hearings and are prepared to respond.
 
The Credit Union National Association and credit unions continue to advocate to preserve the current credit union federal tax status on a national level through the "Don't Tax My Credit Union" campaign. Credit unions are assigned that tax status because they are not-for-profit, member-owned cooperatives with the statutory mission to promote thrift and provide credit for provident purposes to their members.
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