WASHINGTON, DC (December 18, 2017) — National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement in response to the revised tax reform legislation released today by House-Senate conference leaders. Berger counts this latest development as a major win for the credit union industry.
“The preservation of the credit union tax exemption is vital for the 110 million Americans who are credit union members,” said NAFCU President and CEO Dan Berger. “NAFCU, on behalf of our member credit unions, thanks President Trump, Treasury Secretary [Steven] Mnuchin, Senator [Orrin] Hatch, Representative [Kevin] Brady, and members of Congress for taking credit unions’ concerns on this issue into account throughout the negotiation process.
“As our members know, the credit union tax exemption boosts the nation’s economy by roughly $16 billion a year and allows credit unions to offer products with reduced fees and higher savings rates,” Berger continued. “The exemption allows credit unions to serve segments of our communities in need of safe, affordable financial products. NAFCU will remain engaged as this measure moves to the House and Senate for final passage.”
Berger and other members of NAFCU’s legislative affairs team have been actively engaged on Capitol Hill and with the White House to ensure the credit union tax exemption is left alone. In August, the association met with Mnuchin to discuss tax reform efforts. The association has also held numerous meetings with senators, representatives and administration officials throughout the year.
Preserving the credit union tax exemption has been NAFCU’s top priority throughout this year’s tax reform efforts. Last month, NAFCU launched a grassroots effort calling on member credit unions to defend the industry’s tax-exempt status at the local level as some in the banking industry called for its elimination.
An independent tax study released by NAFCU earlier this year found the credit union tax exemption benefits $16 billion to the U.S. economy each year.
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.
