MERIDEN, Conn. (5/21/14)--The Credit Union League of Connecticut's State and Federal Issues Governmental Affairs Conference attracted some big names to its annual event last week, including Gov. Dannel P. Malloy and Rep. John Larson (D-Conn.).
Gov. Dannel P. Malloy. left, meets with Credit Union League of Connecticut President/CEO Jill Nowacki during the league's Governmental Affairs Conference. (Credit Union League of Connecticut photo)
Nearly 100 credit union professionals attended the event.
In addition to Malloy, Rep. John Larson (D-Conn.) was on hand to share his positive feelings about credit unions, calling his support a "labor of love" due to the important role credit unions play in assisting the middle class.
"When no one else heard the story of the working person, you did," Larson said. "That is why members of Congress overwhelmingly support credit unions' tax-exempt status."
Malloy, meanwhile, has supported credit unions broadly as well, specifically backing sales and use tax exemptions at the state level. The state's governor spoke of the unique value of the member-owned institutions.
Banks are not in the business of forging appropriate savings habits, especially with young people, like credit unions are, he said.
Malloy also revealed that every member of his family financed their education through a local credit union, and said he believed credit unions will help people throughout the state develop savings habits that will one day allow them to pay for college tuition.
Also speaking was Ryan Donovan, Credit Union National Association senior vice president of legislative affairs, who trumpeted the success of Connecticut credit unions of late.
Among other efforts, credit unions in Connecticut have locked down a sales tax exemption for state-chartered credit unions, and received the unanimous support from Connecticut's representatives in the U.S. House for a letter detailing concerns with the National Credit Union Administration's proposal on risk-based capital.