WASHINGTON—It’s not a good time for credit unions and banks to be bickering, asserts one legislator who says that type of disagreement could get squarely in the way of regulatory relief.
Sean Duffy (R-WI) told attendees at CUNA’s Governmental Affairs Congress that with Congress working to pass a bipartisan regulatory relief bill, distractions are not a good thing now.
“There are so many big things to get done that we need both banks and credit unions to work together on,” said Duffy. “(House Financial Services Committee) Chairman (Jeb) Hensarling (R-TX) said we are not dealing with issues that are dividing credit unions and banks now. So, we need all of you to dance together on the regulatory relief side. If you all start fighting and we lose focus on some of the broader issues, I don’t think we get anything done.”
As CUToday.info reported, the Independent Community Bankers of America is calling on Senate Finance Committee Chairman Orrin Hatch (R-UT) to convene a hearing on the credit union tax exemption.
The request by the ICBA follows in the wake of dueling letters from banking groups and credit union associations over the tax exemption. As CUToday.info reported, 52 state bankers’ associations have sent a letter to Hatch arguing taxpayers should no longer “subsidize” the nation’s largest credit unions. CUNA and NAFCU responded with a joint letter of their own calling the bank letter the “height of arrogance."
“We all need to work together,” said Duffy. “When you have members of Congress that want to work with you it can be wonderful.”