WASHINGTON–A new Congress and administration in 2017 have credit unions counting on progress on several priorities, but also concerned over any discussion that might affect the credit union tax exemption.
“As much as we accomplished in 2016 we know 2017 is going to be just as significant,” said CUNA’s chief advocacy officer, Ryan Donovan. “The CFPB not helping. We are going to need everyone’s help in 2017, and the success of our efforts is going to rely on our ability to get credit union members to help deliver the message that they want Washington to get out of the way to let credit unions serve their members.”
Donovan said CUNA will continue to provide support to NCUA as it defends itself against lawsuits filed by the banking trade groups over both field of membership and member business lending rules the agency has passed.
“We will continue to address breach laws so that those who accept cards are held to the same standards as those who issue cards,” said Donovan.
“The political environment for comprehensive tax reform is right.”
He said credit unions need to be prepared to
“engage” on the taxation issue as Congress and the Trump administration seek to make changes to the tax code, and that CUs must further be able to explain that the tax exemption results from the structure of credit unions.
Separately, the final members of the new Congress have been officially declared following the certification of votes in Louisiana.
Louisiana State Treasurer John Kennedy has won a run-off for a Senate seat representing the state. The Republican’s victory gives the GOP a 52-48 advantage in the upper house.
Also in Louisiana, Republican Mike Johnson was named winner of his race (Johnson was backed by credit unions), while credit union-backed Scott Angelle lost his race against Clay Higgins.