Newsroom
April 14, 2013
NAFCU on record with Ways and Means on CU exemption
April 15, 2013 – NAFCU on Friday submitted formal comments to the House Ways and Means Committee's working group on financial services tax reform to reinforce the value of the credit union federal income tax exemption as the group begins to formulate ideas for tax code changes.
In a letter submitted as part of the formal comment process on the committee's tax reform efforts, NAFCU President and CEO Fred Becker told Reps. Adrian Smith, R-Neb., and John Larson, D-Conn., the chairman and vice chairman of the working group, that the tax exemption is "an issue of survival" for credit unions.
"In other countries where the tax exemption has been eliminated for credit unions, the number of credit unions has declined dramatically," Becker wrote. "Without credit unions, which serve to provide checks and balances in the marketplace, for-profit banks would likely increase rates and fees on consumers."Becker added that the credit union exemption is also supported by The Military Coalition.
Becker, NAFCU Executive Vice President of Government Affairs Dan Berger, Vice President of Legislative Affairs Brad Thaler, Chief Economist and Director of Research David Carrier and General Counsel and Vice President of Regulatory Affairs Carrie Hunt met with the Ways and Means financial services working group Thursday.
The NAFCU representatives presented findings from a study released by the association last year that shows the credit union exemption results in some $10 billion in benefits annually to Americans, regardless of their membership in credit unions.
In a letter submitted as part of the formal comment process on the committee's tax reform efforts, NAFCU President and CEO Fred Becker told Reps. Adrian Smith, R-Neb., and John Larson, D-Conn., the chairman and vice chairman of the working group, that the tax exemption is "an issue of survival" for credit unions.
"In other countries where the tax exemption has been eliminated for credit unions, the number of credit unions has declined dramatically," Becker wrote. "Without credit unions, which serve to provide checks and balances in the marketplace, for-profit banks would likely increase rates and fees on consumers."Becker added that the credit union exemption is also supported by The Military Coalition.
Becker, NAFCU Executive Vice President of Government Affairs Dan Berger, Vice President of Legislative Affairs Brad Thaler, Chief Economist and Director of Research David Carrier and General Counsel and Vice President of Regulatory Affairs Carrie Hunt met with the Ways and Means financial services working group Thursday.
The NAFCU representatives presented findings from a study released by the association last year that shows the credit union exemption results in some $10 billion in benefits annually to Americans, regardless of their membership in credit unions.
Share This