WASHINGTON—In the week after a bank trade association held an annual meeting in Washington that included their own Hill hikes, CUNA said it has followed up by contacting members of Congress with its own message about the value of the credit union tax exemption.
As CUToday.info reported earlier, the Independent Community Bankers of America (ICBA) held their following recent event in town, and also issued a public statement that among their priorities remains the tax treatment of credit unions.
In response, CUNA Deputy Chief Advocacy Officer for Federal Government Affairs Jason Stverak told Congress that despite bank attacks on the credit union tax status, credit union financial benefits exceed the value of the “expenditure” by an average of 8.8 times for the last 15 years.
Paying for 3 Hours of Government
“Taxing credit unions would account for only 0.03% of 2022 federal government spending – only three hours of government operations – while leveling a tax increase on more than 135 million credit union members and eradicating many benefits of credit unions for all Americans,” he wrote.
Stverak said CUNA also aimed to “set the record straight” on bank sales to credit unions, noting 0.6% of bank assets have been sold to credit unions in the past decade--67 banks sold to credit unions--compared to 4,453 bank to bank sales over the same time period, CUNA noted.
‘Keeping Things Local’
“Large, out-of-state banks account for two-thirds of assets acquired in bank sales,” Stverak wrote. “Other than the fair price offered, the main reasons bank owners sell to credit unions are: Keeping things local. The willingness to keep branches open and staff employed; and a shared culture and community service focus.”
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