MERIDEN, CT (May 19, 2014) -- The Credit Union League of Connecticut hosted its State & Federal Issues Governmental Affairs Conference for nearly 100 members Thursday, May 15th, at the Hartford (Conn.) Hilton Hotel. Governor Dannel P. Malloy, Congressman John Larson, Attorney Rich Kehoe – State Director for US Senator Blumenthal, Bruce Adams - CT Dept. of Banking General Counsel, Tanya Meck - FoxCT News and Ryan Donovan - CUNA SVP Legislative Affairs addressed issues affecting credit unions and gave state and federal updates.
In his remarks, Donovan recognized Connecticut’s credit unions recent successes, including a sales tax exemption for state-chartered credit unions and earning 100% support from Members of Congress on the King-Meeks letter to the NCUA addressing concerns with the Risk-Based Capital proposed rule.
Representative Larson shared with credit unions that his support is a labor of love because of the important role credit unions play in relieving pressure on the middle class. “When no one else heard the story of the working person, you did,” he said. “That is why Members of Congress overwhelmingly support credit unions’ tax-exempt status.”
Gov. Malloy, who had helped champion credit unions’ sales and use tax exemption at the state level also shared that he recognized the unique value of credit unions, “Banks are not in the business of forging the habits you’re helping people create in the way of savings- especially with young people,” he said. Malloy said that every member of his family had financed their education through a local credit union and said that he believed credit unions would be part of a state wide solution to help people develop savings habits that would better position people to afford college tuition.
“This annual event is an outstanding opportunity for Connecticut credit union leaders to discuss issues of importance to the industry with leaders in government,” said Jill Nowacki, CU League of CT President & CEO. “It is one of our goals as the credit union state trade association to provide our members with opportunities for face-to-face interactions with lawmakers and policymakers. This year we are especially pleased that Governor Malloy could address our group in light of his support of a tax exemption for state-chartered credit unions that passed the legislature a week ago.”