NAFCU reviewing President’s budget, is focused on preserving credit unions’ tax exemption, regulatory relief, community development funding
WASHINGTON, DC (May 23, 2017) — National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement today on the release of President Donald Trump’s fiscal 2018 budget proposals, noting key issues the association will be focusing on to ensure the best interests of credit unions and their members.
The budget proposes “restructuring” the Consumer Financial Protection Bureau (CFPB) and eliminating new Community Development Financial Institution (CDFI) Fund and the Community Development Revolving Loan Fund (CDRLF) grant programs and accounts for the credit union tax exemption through 2026.
“NAFCU is pleased that President Trump’s budget proposal does not single out the credit union tax exemption for elimination, and we will continue to work with Congress and the administration to protect the exemption throughout the tax reform process,” said Berger.
“The association also supports CFPB reforms such as bringing the bureau under the congressional appropriations process, which the budget proposals suggest,” Berger added. “However, we believe that cutting the CDFI Fund and CDRLF grant programs would be a mistake. CDFI credit unions predominately serve low-income areas and other target markets and are often the only financial services option for consumers that live paycheck to paycheck. The CDFI Fund grant program helps these credit unions better serve their communities, which are often overlooked by other financial institutions.
“NAFCU will continue to work with Congress to ensure that both the CDFI Fund and the CDRLF grant programs remain intact,” Berger said.
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.