Removing Barriers Blog

Vermont League Defeats Banker Attack
Posted March 18, 2016 by CUNA Advocacy

This week, during a Vermont House Ways & Means Committee discussion about a proposed increase on the bank transfer tax, the Vermont Bankers Association took aim at credit union taxation by calling for a “level playing field” between banks and credit unions. The bankers cited their 2015 study which states that the “tax subsidy” of Vermont credit unions is no longer appropriate, because their service to lower income areas is less than banks.

The League promptly issued a call to action to its member credit unions, and on Thursday, credit unions converged on the state capitol and lobbied legislators with information citing the credit union difference. The Vermont credit unions were also armed with an analysis by the CUNA Economics and Research Department that debunks the numerous flaws and misrepresentation of credit unions in the banker study.

By the end of the day Thursday, the Committee moved the bank franchise tax issue without applying it to credit unions.