CUNA addresses credit union priorities for federal agency budget hearings
WASHINGTON, DC (April 10, 2019) — Congressional activity is on the rise this week as Credit Union National Association (CUNA) spotlights advocacy priorities for America’s 115 million credit union members in three appropriations letters and one resolution letter.
Several House Appropriations subcommittees held hearings on federal agency budget requests for fiscal year 2020 involving the Department of Treasury, Department of Justice and Internal Revenue Service (IRS).
- Subcommittee on Financial Services and General Government
Retaining the credit union tax status has long been a pillar in CUNA’s advocacy priorities. The trade association sent a letter for the record to express concerns with provisions in the Tax Cuts and Jobs Act (TCJA) as it seeks to imposes an excise tax on certain executive compensation provided by tax-exempt organizations. There are concerns about the lack of parity of the bill as for-profit compensation agreements in effect on or before Nov. 2, 2017 are not affected by this excise tax. CUNA also seeks clarity on the TCJA’s provision to extend Unrelated Business Income Tax (UBIT) to certain employee fringe benefits. Read more here.
- Subcommittee on Financial Services and General Government
The Treasury’s Community Development Financial Institutions (CDFI) Fund makes grants and other awards to certified CDFIs. CUNA strongly supports the fund as it is being used to grow local economies and serve the most economically distressed communities in the nation. Two credit unions in Tennessee and Missouri are recognized by CUNA to provide examples of how the grant money is leveraged to aid communities in need. Read more here.
- Subcommittee on Commerce, Justice, Science, and Related Agencies
CUNA continues to prompt the DOJ to clarify standards for website accessibility under the Americans with Disabilities Act (ADA). Credit unions across the country are being hit with frivolous litigation from firms seeking a quick payout. CUNA wrote to Attorney General William Barr shortly after his confirmation to recommend a process to solicit input from stakeholders with the goal of issuing a clear ADA website accessibility standard for which credit unions and other entities can apply. In partnership with the National Federation of the Blind, credit unions are seeking a solution to further increase access to economic opportunities for blind individuals. Read more here.
CUNA also sent a letter for the record in support of H. Res. 275, supporting the goals and ideals of “Financial Literacy Month.”
- Subcommittee on Diversity and Inclusion
Credit unions have a long history of providing financial support and counseling to consumers in need. Financial education is offers to both young and older credit unions. Lending from credit unions is done in a safe and affordable way – including those facing financial struggles – with small dollar, auto and mortgage loan products. One recent example of this includes zero interest loans provided to Federal workers impacted by the government shutdown. Credit unions are committed to financial literacy and arrange solutions for those facing debt or other financial burdens. The National Credit Union Foundation hosts Financial Reality Fairs where students can experience some of the financial challenges they will face upon graduation. Read more here.
About CUNA
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 135 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.
