Newsroom
April 15, 2015
Thaler rebuts bankers' tax claims in message to Congress
NAFCU Vice President of Legislative Affairs Brad Thaler told lawmakers Wednesday that a banking trade association should be focused on working with credit unions to "achieve meaningful regulatory relief" rather than attacking credit union' tax-exempt status.
"With the ever-increasing regulatory burden on all financial institutions, we would hope that the [American Bankers Association] and their members would be more focused on working with their counterparts in the financial services industry to achieve meaningful regulatory relief that will allow all financial institutions to better serve consumers," Thaler wrote.
Thaler also used his message to set the record straight on credit unions' tax exemption in light of print and broadcast advertisements by ABA against credit unions. Thaler noted that credit unions still pay taxes, including property taxes, payroll taxes and state and local taxes.
He also shared information from NAFCU's 2014 independent tax study that noted credit unions provide the economy with a cumulative benefit of more than $17 billion a year. He further pointed out from the study that eliminating the credit union tax exemption would result in the loss of 150,000 jobs a year, a shrinking of the GDP and a net loss of revenue to the federal government.
"With the ever-increasing regulatory burden on all financial institutions, we would hope that the [American Bankers Association] and their members would be more focused on working with their counterparts in the financial services industry to achieve meaningful regulatory relief that will allow all financial institutions to better serve consumers," Thaler wrote.
Thaler also used his message to set the record straight on credit unions' tax exemption in light of print and broadcast advertisements by ABA against credit unions. Thaler noted that credit unions still pay taxes, including property taxes, payroll taxes and state and local taxes.
He also shared information from NAFCU's 2014 independent tax study that noted credit unions provide the economy with a cumulative benefit of more than $17 billion a year. He further pointed out from the study that eliminating the credit union tax exemption would result in the loss of 150,000 jobs a year, a shrinking of the GDP and a net loss of revenue to the federal government.
Share This