Berger: CUs exemplify responsibility of tax exemption
NAFCU President and CEO Dan Berger wrote an op-ed for CUInsight explaining that the credit union tax exemption exists “because the industry earned it for their unwavering dedication to serving their members and communities.” Additionally, he highlighted the tax exemption maintains bipartispan support and “Congress should be proud for upholding this legislation for nearly 90 years and for backing an industry that, without fail, continues to put people over profits.”
In the op-ed, Berger pointed out that the tax exemption is a choice. “Credit unions choose to be tax exempt. With that choice comes responsibility: the responsibility to provide consumers with safe, secure, and reliable financial services at an affordable cost,” he wrote. “Credit unions have continued to live up to that mission."
He noted banks continue to close roughly 200 branches per month, while credit union branches have increased. Berger added that small business loans from credit unions have increased 500 percent since 2007. In that same period, small business loans from banks have remained flat.
He also discredited recent banker attacks against the credit union tax exemption.
“The tax exemption argument isn’t even an argument. It’s a tactic bankers use to try and stifle competition. If credit unions have such a competitive advantage with this tax exemption, then why haven’t banks changed their own charters to those of credit unions? Simple. They don’t want the responsibility.”
Of note, NAFCU Senior Vice President of Government Affairs Greg Mesack wrote to Congress recently on the credit union tax exemption. In the letter, Mesack highlighted the success of the legislation and how credit unions use the exemption “to reach out in areas banks couldn’t and serve those that banks wouldn’t.”
NAFCU will continue to advocate for the long-standing credit union tax exemption and highlight the credit union difference.
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Board and Governance
Add to Calendar 2023-06-06 14:00:00 2023-06-06 14:00:00 Avoiding and Resolving Harassment Claims: A Primer for Board Members The #me-too movement may have receded from the front of public consciousness, but the need to prevent and resolve harassment claims remains a key function for any employer. As community-oriented organizations, credit unions more than most feel a responsibility for the well-being of their members, employees and volunteers. This webinar, Avoiding and Resolving Harassment Claims: A Primer for Board Members provides both an introduction to the subject for board members, as well as selected deep dives on particular issues of interest to credit union volunteer boards. Key Takeaways Learn to identify the hallmarks of a situation in which it is appropriate for the board to become involved, as opposed to permitting effective resolution through normal human resources procedures Recognize the breadth of current law governing harassment claims, including newly prominent protected categories, the nature and severity of conduct which may constitute harassment, and the fact that conduct that may not rise to the level of a state or federal law civil rights violation may still violate the credit union’s own internal policies, procedures, and ideals, and be subject to appropriate discipline and remedial action Discover appropriate oversight roles for board officers, committee members including supervisory committee members, and other Board members, particularly in the context of passing along a report or complaint of harassment or inappropriate conduct Register Now$295 Members | $395 Nonmembers (Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until June 6, 2024.Go to the Online Training Center to access the webinar after purchase » Who Should Attend Board of director titles NCVEs and volunteer titles HR titles Education Credits NCVEs will receive 1.0 CEUs for participating in this webinar Web NAFCU firstname.lastname@example.org America/New_York public
Avoiding and Resolving Harassment Claims: A Primer for Board Members
Add to Calendar 2023-06-06 09:00:00 2023-06-06 09:00:00 Fighting Fraud: The Role of Fraud Fusion Centers Listen On: Key Takeaways: [00:56] The concept of a Fraud Fusion Center is a collaboration among professional fraud fighters. Anyone that has been doing this for a while forms a network of trusted advisors and we all go to each other anytime we come across some new or complex case. [02:50] Scams have always been around but the emergence of AI has made them far more sophisticated than we have ever seen before. [05:55] Person-to-person payment apps like Zelle, Venmo, and CashApp are not protected like debit and credit cards. [08:30] Every single time that new technology comes out that makes our lives better, fraudsters will find a way to exploit it. The current state of cyber fraud points credit unions in a lose-lose situation. [20:04] By identifying the information at one credit union and getting it out to others they are getting ahead of these threats. [22:19] Fraud Fusion Centers are critical. Formalize it and make it happen. Web NAFCU email@example.com America/New_York public
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