WASHINGTON—With the House and Senate both in recess, CUNA and NAFCU are urging credit unions to reach out to lawmakers about the CU difference while they are in their home districts and states.
House members will be home until April 24, and Senate members will be in their home states until April 23.
"The Trump administration and the 115th Congress are considering an overhaul of the tax code, and everything is on the table," said NAFCU Director of Political Affairs Dan O’Brien. "It's vitally important for credit unions to educate their lawmakers about the impact of the tax exemption."
A recent independent study commissioned by NAFCU shows the benefit to U.S. consumers from the credit union federal income tax exemption is $16 billion per year, or $159 billion over the 10-year period studied. The study also indicated that removing the tax exemption would cost the federal government $38 billion in lost income tax revenue over the next 10 years.
CUNA Chief Advocacy Officer Ryan Donovan said that when the House and Senate reconvene they will be moving quickly to pass a budget bill to keep the country running. He said that CUNA will be speaking with members of both appropriations committees, and the trade association is confident that Congress will find funding for the CDFI Fund. The CDFI Fund has been targeted for cuts by the Trump Administration.
“But we still need credit unions to weigh in on this issue and focus on those legislators making these decisions,” Donovan said.