WASHINGTON—Rep. Kevin Brady (R-TX), the ranking member on the House Ways and Means Committee, discussed the credit union tax exemption and issues related to the legislative and regulatory environment during a meeting with NAFCU members from Texas.
Kevin Brady
Keith Kearny, president and CEO of InvesTex Credit Union in Houston, and Erik Shaw, president and CEO of 5Point Credit Union in Nederland, Texas, joined NAFCU President and CEO Dan Berger, Vice President of Legislative Affairs Brad Thaler, and Associate Director of Legislative Affairs Lewis Plush for the meeting.
NAFCU noted that while serving in Congress, Brady has been a “credit union champion and instrumental in protecting credit unions' tax exemption,” including in the 2017 Tax Cuts and Jobs Act. The trade group also credited Brady for working to provide a fix in the tax bill to repeal the excise tax imposed on fringe benefits – such as transportation and parking – but that legislation was not taken up by the Senate after passing the House in 2018.
Not Seeking Re-Election
Brady recently announced he will not seek reelection in the 2022 midterm elections.
In addition to discussing the tax exemption, the Texas-based credit unions discussed the ways they have worked to support members facing financial hardships in the wake of the coronavirus pandemic, as well as how legislative proposals that could add regulatory burdens would negatively impact the industry.