Press
NAFCU Welcomes 113th Congress
Washington – National Association of Federal Credit Unions (NAFCU) President and CEO Fred Becker and NAFCU’s legislative affairs team spent today on Capitol Hill welcoming the convening 113th Congress.
Becker, Executive Vice President of Government Affairs Dan Berger, Vice President of Legislative Affairs Brad Thaler and lobbyists Quincy Enoch, Jillian Pevo and Dan O’Brien, in visits with members in the House and Senate, highlighted a number of pressing credit union issues. Of particular concern is the need to preserve the credit union federal income tax exemption.
“It is vital that both new and returning members of Congress know the significant role of credit unions in the financial landscape,” said Becker. “Credit unions are Main Street’s not-for-profit, member-owned cooperative financial institutions with a core mission to provide their members with low-cost financial services. Currently, they serve more than 94 million Americans.”
“The credit union federal income tax exemption is of critical importance because it benefits all Americans, not just those who belong to a credit union. Loss of the exemption would cost the federal government $15 billion in lost tax revenue, $148 billion in GDP and 1.5 million in lost jobs over the next decade. In addition, due to reduced competition, consumers would face higher interest rates on loans and lower interest rates on deposits, according to NAFCU’s 2012 landmark study on the economic benefit of credit unions,” said Becker.
“We welcome the opportunity to work with Congress and the Obama administration to promote an environment that will allow for the continued success of credit unions and help advance our nation’s economic recovery,” said Becker.
NAFCU met with dozens of lawmakers, including numerous freshman members. The day consisted of brief visits with members of Congress, viewing of swearing-in ceremonies and selected events throughout the day. Some of the legislators NAFCU visited included Sens. Elizabeth Warren (D-Mass.), Jon Tester (D-Mont.), Roger Wicker (R-Miss.), and Reps. Ed Perlmutter (D-Colo.) and Richard Hanna (R-N.Y.).
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The National Association of Federal Credit Unions is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public.