Nussle pushes back against Iowa bill to raise CU taxes
CUNA President/CEO Jim Nussle wrote to the members of the Iowa State Senate Wednesday to urge it to reject a bill that would place additional taxes on credit unions. CUNA has been working closely with the Iowa Credit Union League as bank attacks have ramped up in the state, and will continue its advocacy on a state level to work against the bill, S.S.B. 3197.
“Simply put: this legislation would raise taxes on Iowa credit union members and reduce taxes on banks and their stockholders, many of whom do not live in the state,” Nussle wrote. “It would make it more expensive for Iowans to access safe and affordable credit provided by not-for-profit financial cooperatives. This legislation is bad for Iowa and we urge this body to soundly reject it.”
Nussle, a native Iowan who represented the state in the U.S. House from 1991 to 2007, noted if S.S.B. 3197 is enacted, noted that credit unions make up only fourteen percent of the state’s financial market and the competition they provide for-profit banks creates a less predatory environment for Iowans and keeps bank fees from getting even more outrageous.
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