WASHINGTON (3/4/14)--The impact 4,400 credit union advocates--in town for CUNA's 2014 Governmental Affairs Conference--had on Washington's political scene was the topic of a March 2 Washington Post Capital Business article.
"Thousands of credit union representatives came to Washington last week to rally Congress to preserve a long-standing tax exemption for credit unions," reported the article, headlined "Credit unions descend on Washington in hopes of preserving tax exemption."
The article goes on to explain that the credit union tax status was left untouched in a tax reform plan released by House Ways and Means Committee Chairman Dave Camp (R-Mich.).
"Our top issue has been preserving the credit union tax exemptions, which have been in place since 1917," Bill Cheney, CUNA president/CEO, said in the article. "This is not some new-fangled, late-breaking tax loophole. This has been around a very long time."
The article describes how lawmakers from several states took the podium at the conference to defend the credit union tax status.
"Credit unions aren't banks, and it doesn't make sense to tax them like they are," Rep. Derek Kilmer (D-Wash.) was quoted in the article.
Another issue of concern for credit unions is data security. Most fraudulent costs--including the cost of reissuing credit cards and answering members' questions--are covered by credit unions and banks, Cheney told the Post.
To read the entire article, use the link.