A record-breaking America’s Credit Unions’ Governmental Affairs Conference just wrapped up, with over 6,000 credit union advocates in Washington, D.C. GAC is more than bringing lawmakers and advocates together in the credit union industry’s premier advocacy event. It’s about the power of our unified voice and using it to move the industry forward.
Addressing the credit union status was central to every Congressional meeting as our top advocacy priority.
GAC is timed to capitalize on the Congressional calendar, to put advocates in front of decision makers as they’re working out the legislative agenda for the year. And it came at a critical point—with Congress wrapping up budget discussions and moving to the main cause of concern for our industry: tax reform.
And that’s where the work credit unions put in will pay off, maximizing our impact when it counts the most.
We’ve laid the groundwork, making sure the credit union difference is front and center with policymakers going back to the last Congress. During the last few weeks, we’ve calibrated our approach, connecting with key committee members in strategic fly-ins from all over the country, and a successful GAC is a perfect way to head into the next phase.
Now, it’s time to build on our momentum. Advocate and keep advocating.
America’s Credit Unions—with our continued partnership with state leagues—will keep up the drumbeat by providing credit unions with resources they need. But it’s the credit unions who are doing the work in communities every day, making a difference in people’s lives, and ultimately, the constituents who policymakers listen to when making their decisions.
Connect with your members of Congress and their staff. Invite them to visit your credit union, to see firsthand what you do every day, and how they can support changes that will help you help their communities even more. Also prepare to reach out in a myriad of other ways, using every resource available to you, to make our message heard far and wide: Don’t Tax My Credit Union.
A recent independent study commissioned by America’s Credit Unions shows the far-reaching consequences of changing the credit union tax status. It would cost the federal government $33 billion in lost income tax revenue, reduce the GDP by $266 billion, and cost the economy more than 822,000 jobs over the next decade.
Removing the credit union tax status would be a tax increase on more than 140 million Americans, not to mention negatively impact the institutions they rely on to achieve their financial dreams.
I don’t think any member of Congress came into office with a tax increase—or economy-killing numbers like that—on their to-do list. That’s why our credit union advocacy must be unified, keeping our message front and center through hearings, negotiations, draft legislation and through any votes on tax reform.
We must be relentless every step of the way, because that’s what our members are counting on.
Just like we advocate for modernized regulations against overregulation so credit unions can serve members better, that’s why we advocate for the credit union tax status. It’s a life-changing difference that is totally unique in financial services, and it must be protected.
The credit union difference was undeniable in the nation’s capital this week. If you flew into Ronald Reagan Airport or were anywhere near the Walter E. Washington Convention Center, you saw our Don’t Tax My Credit Unions campaign in action.
Let’s make our industry heard as a unified voice across the country, as a force that moves members and communities forward, and make sure credit unions can continue to make a difference for so many Americans.
