WASHINGTON--America's Credit Unions President and CEO Jim Nussle recognized this week's tax fight win, with the House Ways and Means Committee leaving the CU tax exemption intact, but emphasized the battle has not been won.
"Credit unions do great work in our communities and do great work for our members. As a result, we won this battle. Now, the war is not over," said Nussle Wednesday during an AQCU advocacy update webinar for member credit unions, leagues, and industry allies. "We have a victory in this really important battle, and it's going to be pivotal for the overall victory that we're looking forward to. But make no mistake, we still have some work to do. It's important for us at this juncture to talk about not only how we got here, but more importantly, what's next, what we need to focus on, and how we're going to get that job done.
"The work of describing the credit union difference and the difference we make for members and communities that we serve is a full-time, 24-hours a day, seven days a week surround sound approach," continued Nussle. "We've got to continue to do that, not only when we're on the hot seat like we've been, but the day after we're off that hot seat. How do we keep that going, and keep a drumbeat that defends our mission and defends the outcomes, that can describe the difference we make for people and the differentiation that credit unions have in the marketplace? That's what constant advocacy has to be able to develop over time."
American Association of Credit Union Leagues Board Chair Patrick Conway, during the webinar, noted that every industry has state and regional trade associations around the country.
"The difference with the credit union industry is that we're so interconnected, with more engaged memberships than other industry groups around the country," Conway said. "We've been able to leverage those things as we develop the close relationships that leagues have across the country with their congressional delegations. The closeness that leagues have to their credit unions and their footprints, their states or their regions across the country - we have a built-in connectivity that gives us a distinct advantage, and we figured out how to leverage those advantages in this first effort of getting through the House Ways and Means Committee."
The House Budget Committee is scheduled to meet Friday to assemble the bill from Ways and Means into a complete package with sections from the other House committees.