WASHINGTON (2/12/15)--The office of Sen. Richard Shelby (R-Ala.), who heads the Senate Banking Committee, issued a statement late Thursday about the importance of credit unions.
The statement said: "Sen. Shelby recognizes the importance of credit unions and the vital role they play in our local economies. Sen. Shelby believes that our nation needs comprehensive tax reform that produces a fairer, simpler, and flatter tax code. Since the senator does not know what direction the Senate Finance Committee will take on tax reform, he has not yet weighed in on specific provisions."
Earlier in the day, there was a press report questioning the senator's support of the credit union tax status.
Jim Nussle, president/CEO of CUNA, responded to that report by saying, "I do not take statements recently attributed to Sen. Shelby as any indication of his lack of support for credit unions. However, it is plainly evident that the issue of tax reform is likely to be on the table this Congress.
"Let me be clear: CUNA and the leagues will remain vigilant to protect the credit union tax status."