Credit union tax status preservation, reg relief top 2014 CUNA legislative efforts
The Credit Union National Association and state credit union leagues spent 2014 advancing a legislative agenda designed to preserve credit unions’ tax status and removing regulatory barriers preventing them from serving their members.
On Thursday CUNA released a report highlighting its legislative victories in 2014 and over the course of the 113th Congress.
“The credit union system was able to advance its priorities over the last two years, despite a challenging legislative environment,” said CUNA President/CEO Jim Nussle. “This was no small feat: The 113th Congress will go down in history as the least efficient, having enacted less than 2% of the bills introduced. As a result of our collective efforts, Congress preserved the credit union tax status and took modest steps toward removing barriers that keep credit unions from more fully serving their members.”
One of the major highlights from the 113th Congress was the preservation of the credit union tax status. Members from the Senate and House spent this year engaged in comprehensive tax reform talks, which began with the premise that everything was on the table.
Last year featured the launch of the “Don’t Tax My Credit Union” campaign, and when the first draft of comprehensive tax reform was released in February by Rep. Dave Camp (R-Mich.), House Ways and Means Committee chair, credit unions’ tax status was untouched.continue reading »