WASHINGTON—NAFCU has met with a congressman to talk about the CU tax exemption, while three CUNA execs met with the NCUA chairman to talk reg burden.
NAFCU Vice President of Legislative Affairs Brad Thaler met with House Ways and Means Committee Chairman Kevin Brady (R-TX) to discuss a number of issues, including the industry's federal income tax exemption.
The House Ways and Means Committee has jurisdiction over tax-related legislation and as chairman, Brady was instrumental in protecting credit unions' tax exemption throughout last year's tax reform efforts, noted NAFCU.
Thaler thanked Brady for his leadership and role in preserving the industry's tax-exempt status as the Tax Cuts and Jobs Act worked its way through the congressional process.
NAFCU Associate Director of Legislative Affairs Allyson Browning also attended the meeting.
NAFCU noted that it has met repeatedly with members of Congress, including Brady, to discuss the importance of the credit union tax exemption and share an independent tax study that details the exemption's value to the U.S. economy.
CUNA Meets With NCUA
Meanwhile, CUNA President/CEO Jim Nussle, Chief Advocacy Officer Ryan Donovan and Deputy Chief Advocacy Officer Elizabeth Eurgubian met with NCUA Chairman Mark McWatters to discuss credit union issues, most notably regulatory relief and ways it can be achieved.
During the meeting, CUNA said it thanked McWatters for his efforts to modernize field of membership regulations, including the rule finalized last week, as well as NCUA's litigation efforts. CUNA reiterated its support for the agency’s efforts going forward.
The group also discussed CUNA, league and credit union concerns about compliance with the Financial Accounting Standards Board’s current expected credit losses standard, examinations, regulatory burden and frivolous lawsuits targeting credit unions.