WASHINGTON (9/30/13)--This week's edition of The Cheney Report turns the spotlight on a new tool credit unions can use to fight bank attacks: A recent "Inside Exchange" video in which John Magill, the Credit Union National Association's executive vice president of governmental affairs, offers strong responses to questions being circulated by banks on Capitol Hill about the credit union tax exemption.
In the discussion between Magill and Paul Gentile, CUNA executive vice president of strategic communications and engagement, Magill notes that banks continue to make the same tired, hackneyed points they have unsuccessfully posed for years. The credit union exemption from federal income tax, Magill reminds, is determined by the credit union cooperative structure, not by the services and products they offer.
The video is, essentially, a training piece to help credit union executives, staff, and board members they work with lawmakers in defending the credit union tax exemption, CUNA President/CEO Bill Cheney wrote in The Cheney Report. It provides "a terrific coaching prospect" for CUNA members, "who can use the banker questions to build key responses," Cheney said. "I encourage everyone to take a look at it, note the key points, and share it around your credit unions so we may all be on the same page as we successfully advocate on behalf of credit unions," he added.
The Cheney Report also noted Northwest Credit Union Association President/CEO Troy Stang's defense of the credit union tax exemption, which came during an appearance on Fox Business News. (See Sept. 25 News Now story: NWCUA Touts CU Difference, Defends Tax Status On Fox Business.)
The Report also discusses what leagues, credit unions and CUNA are doing to prepare for an Oct. 2 nationwide, on-line virtual "Don't Tax My Credit Union" rally.
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