Ways & Means’ Sanchez defends Credit Union tax status

As credit unions continue their all-out push to preserve their tax status, another House Ways and Means Committee member spoke out in support of credit unions.  This time Rep. Linda Sanchez (D-Calif.) supported credit unions’ tax status by writing an editorial in Credit Union Digest, the California and Nevada Credit Union Leagues’ flagship magazine.

Just last month, the chairman of the powerful Ways and Means Committee, Rep. Dave Camp (R-Mich.), also spoke publicly in support for credit unions. Camp noted the “very important role” credit unions play in communities across Michigan and the rest of the country  (News Now Aug. 14). He added, “I will continue to look for ways to reduce regulatory burden and to help credit unions in their mission of serving consumers and small businesses with affordable financial services.”  He made his remarks in a statement delivered to the Michigan Credit Union League & Affiliates.

The House Ways and Means Committee is the chief committee working on tax reform. The leagues’ legislative advocacy team has worked with Sanchez, discussing credit unions’ vital role in the communities they serve.

“Getting rid of their tax-exempt status would hurt credit unions and consumer choice, and drive up the cost of financial services for everyone, Sanchez wrote. “That’s a bad deal for consumers. That’s an even worse deal for our communities.”

“As a longtime credit union member, I understand the very special role credit unions play in our communities,” she wrote. “Credit unions make it possible for small businesses to expand their operations and hire more employees. Credit unions make it possible for students to pursue higher education.”

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