WASHINGTON (3/17/16)--U.S. House Ways and Means Tax Policy Subcommittee Chairman Charles Boustany (R-La.) announced his panel will hold a hearing titled “Fundamental Tax Reform Proposals.” The Credit Union National Association (CUNA) will closely monitor the March 22 session, and ones to follow, for any developments of interest to credit unions.
"Preserving the credit union tax status is a top advocacy priority of CUNA, the state credit union leagues and credit unions, and we are vigilant in being alert to all policy discussions involving tax reform," said Ryan Donovan, CUNA chief advocacy officer.
In January, Rep. Devin Nunes (R-Calif.)--a member of the House Ways and Means panel-- began circulating a draft of comprehensive tax reform legislation--a bill that states specifically that it imposes no new taxes on credit unions.
CUNA praised Nunes for his understanding of the public policy value of the credit union tax status.
CUNA estimates that in 2014 alone consumers saw benefits of an estimated $12 billion in savings due to credit unions' lower fees, lower rates and higher yields on deposits. Approximately $2 billion of these savings affect bank customers due to credit unions’ competitive effect on the financial services market.