Tax Reform News

05/29/2013

 
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Mica Calls For Tax Defense Action In CU Insight Column
"The current potential threat of the taxation on credit unions is the highest it has ever been in my 20 years that I have been involved in the movement," longtime member of Congress and former Credit Union National Association CEO Dan Mica wrote in a CUinsight.com piece.  Read More

CUNA Nationwide Webinar Rallies CUs For Grassroots Tax Battle
Credit union efforts will have to be bigger, louder, and stronger than ever to preserve the credit union tax exemption as tax reform discussions gain momentum in the U.S. Congress. In a nationwide webinar Wednesday, the Credit Union National Association urged credit unions to engage their 96 million members and help them join the fight to support the credit union tax status.  Read More

'Don't Tax My Credit Union Campaign' Fights Back
The credit union taxation argument has produced an army of angry bankers and credit unions on the defense. In March the American Bankers Association launched a full-scale advertising attack against credit unions’ tax exempt status asserting that the industry has become a revenue generating machine.  Read More

 
 
Gessler Offers Tips For Charitable Efforts After OK Tornado
Colorado Secretary of State Scott Gessler today urged Coloradans to ensure they donate wisely, so their contributions go to legitimate charities that will meaningfully help victims, families, and Oklahoma residents recover from this disaster. Gessler offered guidance to help Coloradans avoid scams and efficiently direct money to those in need.  Read More
Larimer County Credit Unions, Banks at Odds Over Lending Cap
Public Service Credit Union expects to max out how much it can loan to its small business members within a year unless Congress lifts the cap on commercial lending.

“I know we will hit the limit,” said David Maus, CEO of Public Service Credit Union, which has several offices in Fort Collins. “That causes us not to be as helpful or aggressive as we would like to be.”  Read More
 
 
Credit Unions Expect Increase In Lending With Udall’s Bipartisan Legislation Implementation
Sen. Mark Udall will be introducing the “Small Business Lending Enhancement Act of 2013″ as per Credit Union Trade Association. It will help to raise the lending cap to small business from 12.25% of assets to 27.5% of total assets.

This act recognizes the value of credit unions as a key provider of credit to small businesses and provides a level playing ground to the credit unions. Credit unions have increased their funding to small businesses during the recession. Read More
 

Quote of the Week

05/29/2013

 
People need to be made more aware of the need to work at learning how to live because life is so quick and sometimes it goes away too quickly.
~Andy Warhol
 

The Cheney Report

05/29/2013

 
  • “Don’t Tax My Credit Union Campaign” Must Be a Sustained Effort; Millions of Contacts Needed
  • Webinar Q&A Yields Additional Guidance You’ll Find Helpful
  • IRS Scandal Won’t Derail Congress on Tax Reform
  • Help Us Lobby CFPB on Remittances by Taking Our New Survey
  • A More Obscure But Still-Concerning Case of High Compliance Costs
  • CU Fee Advantage Over Banks Embodies Service Excellence
  • CU Resilience amid Tragedy
  • Read The Cheney Report HERE
 
 
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The Environmental Compliance Cost Transparency Act of 2013
 U.S. Congressman Paul  Gosar, D.D.S (AZ-04) introduced The Environmental Compliance Cost Transparency Act of 2013, H.R. 2162. This legislation provides transparency by reporting the related costs incurred by electricity consumers as a result of environmental regulations. Although this bill does not amend environmental laws, it is premised on the notion that consumers have the right to know how much of their energy bill is related to ever-increasing compliance with federal regulations.  Read More

 
 
Rep. Mike Coffman’s Veterans To Work Bill Overwhelmingly Passes Full House
A Rep. Mike Coffman proposal that bolsters existing job training programs for returning veterans overwhelmingly passed the full House of Representatives Tuesday.

The proposal, which the non-partisan Congressional Budget Office believes will save money over ten years, bolsters the existing program for returning veterans who want to go straight to work and not to college first.  Read More
 
 
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Tax Talk Kicks Off CUNA Inside Exchange Video Series
The Credit Union National Association is launching a new regular video feature today called "Inside Exchange." CUNA has launched the new communications tool to give members insight into what's happening in Washington, D.C., in the legislative, regulatory and political arenas.

In the inaugural video, CUNA President/CEO Bill Cheney and Executive Vice President of Strategic Communications and Engagement Paul Gentile dive into efforts to preserve the credit union tax exemption, including more about CUNA's new "Don't Tax My Credit Union" campaign.  Read More and Watch the "Inside Exchange" video HERE

 
 
Congress This Week
Floor Schedule
The House will convened on Monday and considered bills on the suspension calendar.  For the remainder of the week, the House is expected to consider H.R. 3, the Northern Route Approval Act (Keystone XL pipeline) as well as H.R. 1911, the Smarter Solutions for Students Act.  Read More

 
 
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Credit unions were featured in a number of high-profile articles in recent weeks, in some popular publications and websites.

No doubt, these items contributed to a strong April for aSmarterChoice.org with nearly 19,000 visits being made and the total number of searches reaching nearly 18,000. Add April's numbers to the first quarter totals and it shows that aSmarterChoice.org has drawn just over 78,000 visits and a total of just over 68,000 credit union searches.

In April, Wisconsin Credit Union League and Mountain West Credit Union Association upped the count to eight leagues that have joined the recognition program and are stepping up their game by promoting aSmarterChoice.org on their websites, using aSmarterChoice.org as a press resource, and including aSmarterChoice via their social media outreach.  Read More