Feb. 24, 2014 – NAFCU lobbyists will be on Capitol Hill this week sharing the findings of the association’s new credit union tax exemption study as House Ways and Means Chairman Dave Camp, R-Mich., prepares to release a “discussion draft” on tax reform to committee members.
To date, lawmakers and their staff have assured NAFCU that the credit union exemption is not targeted in any specific tax reform proposal, but the association is remaining vigilant. Preserving credit unions’ federally tax-exempt status is the association’s top priority.
The House and Senate are returning to work this week following their recent recess. In addition to tax reform, lawmakers will also be looking at the following:
Also of note this week: Federal Reserve Board Chair Janet Yellen testifies before Senate Banking Committee Thursday on monetary policy (she testified Feb. 11 before the House Financial Services Committee); the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises will hold a hearing on the Dodd-Frank Act’s impact on asset-backed securities.NAFCU is also watching for any developments relating to the nomination of Mark McWatters to the NCUA Board.