CUNA statement on State of the Union Address

The Credit Union National Association President and CEO Bill Cheney issued the following statements in response to President Obama’s state of union address Tuesday:

On Tax Reform
“Nothing in the president’s remarks indicate that the credit union tax status is under any more scrutiny right now than any other tax expenditure. In fact, in our conversations with the administration and on Capitol Hill, it is apparent that not all tax provisions are created equal, and the strong public policy reasons behind the credit union tax status remain as compelling today as they were when first adopted. Tax policy discussions are still very much in play, and it is imperative that credit unions continue their strong advocacy efforts on behalf of their federal income tax exemption throughout those discussions, as part of CUNA’s “Don’t Tax My Credit Union” initiative and through in-person meetings with policymakers of all levels of government. “

On Patent Reform
“CUNA supports the president’s call for patent-reform, especially efforts that will diminish the predatory practices of “patent trolls,” particularly in the area of curbing demand letter abuse, lessening impediments to appeal frivolous infringement allegations, and requiring stronger indemnification policies for end-users.

On Housing Finance Reform
“We urge the President, and the Congress as it considers comprehensive housing finance reform, to ensure that credit unions and other community financial institutions continue to have access to the secondary mortgage market.”


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