CUNA attended last week’s American Legislative Exchange Council’s (ALEC) annual meeting, bringing the credit union perspective to state policymakers around the country. ALEC counts 25% of state legislators among its members.
During the meeting, CUNA worked with a state senator to explain the importance of the credit union tax status, convincing the legislator to amend his proposal.
The proposed amendment to ALEC model legislation would have, if implemented, required a statement of legislative intent for the credit union tax status (among other “tax expenditures”) every 2 years or face discontinuation and require exemptions to be re-authorized every 2 years.
CUNA’s arguments convinced the state senator to remove the discontinuation threat, remove the reauthorization requirements and extend the review to 10 years.
CUNA remains concerned that, though the proposal was changed at the ALEC level, other lawmakers will introduce the original bill, and will be monitoring the situation with the help of state leagues.
Shelton Roulhac, CUNA director of advocacy, gave a presentation to the ALEC financial services subcommittee. Roulhac detailed the numerous steps credit unions take to protect their members’ data. He also dispelled myths perpetuated by retailers that PIN is the solution to fraud and data breaches.
CUNA will be re-engaging with state lawmakers next week at the National Conference of State Legislators Legislative Summit. CUNA and league staff will host attendees at an America’s Credit Unions exhibit booth.
For more details on ALEC, see CUNA’s Removing Barriers Blog.