Tax Reform


CUNA's Donovan says: 'Table Is Set' For Tax Reform
Credit unions' membership numbers give them a tremendous advantage over their political opponents, aka the banks, said Credit Union National Association Senior Vice President Ryan Donovan Thursday, but only if federal lawmakers believe credit unions can bring their members to speak up on their behalf.

"Lawmakers take notice when they hear credit union Click to view larger image Credit Union National Association's Ryan Donovan says now is the time for credit unions to ask their members to contact federal lawmakers in support of the credit union tax status.  Read More

Perhaps it is apropos that this Monday was Columbus Day, because Congress and the Administration appear to be leading us into some uncharted waters. 

The House and the Senate remain in session this week despite the Federal holiday to attempt to resolve the debt ceiling crisis and, perhaps, reopen the Federal Government.  The House returned on Monday and considered the American Indian and Alaska Native, Health, Education, and Safety Act.  The Senate is considering judicial nominations as well as a motion to proceed to consider S. 1569, which would suspend the limit on federal borrowing through Dec. 31, 2014.  The schedule for the remainder of the week is still being determined.  Because this was a scheduled recess week for both chambers and because Committee staffs have been operating at reduced staff levels for the past two weeks, there are no hearings scheduled.

Tax Reform


Newest 'Don't Tax' Rally Draws 9,000 CU Advocates To Website
The response to last Wednesday's online Don't Tax my Credit Union rally was outstanding, "and we urge credit unions to keep up this up-tempo advocacy activity going forward," Credit Union National Association Senior Vice President of Political Affairs Richard Gose commented.

Overall, 9,000 unique visitors logged on to the Credit Union National Association's site. Seventy percent of these hits came from first-time visitors. Many more viewed the rally on's online event stream, and the stream received public play in office conference rooms across the country.  Read More

CUNA Watching Budget Talks For Tax Impact
While the pace of business in Washington, D.C. has slowed to a crawl as a result of the massive furloughs of federal workers, the U.S. Congress continues to work--by and large on budget issues. In fact, National Public Radio this morning noted that few, if any, members of the House and Senate have furloughed staff.  Read More

Gessler Takes Next Step Toward Uniform Voting System, Releases Statewide RFP
Following the passage of the Help America Vote Act in 2002, states across the country scrambled to modernize their election machines and systems. Fast forward ten years and that equipment is reaching the end of its lifespan. Since then, Colorado's 64 county clerks have used a variety of vendors and systems to provide the equipment used to cast votes, and process and tabulate votes. This disparate system has significant drawbacks. Most notably, counties cannot get cost savings that come from combined bargaining power. Since taking office, Secretary Gessler has been working to move the state to a Uniform Voting System, as concept that has proven successful in other states.  Read More
Amendment 66 Would Hurt Small Businesses Across Colorado
The 27 percent income tax hike that will appear on the Nov. 5th Colorado ballot would, if approved, hit over a half a million small businesses

How the federal government shutdown and debt ceiling standoff in Washington will conclude is anyone’s guess, but one thing is certain; taxes won’t increase as part of whatever deal is worked out. So, most Americans can rest assured that their taxes won’t be going up in the near future, with the exception of folks who live in Colorado.
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The National Credit Union Foundation said it needs at least another $100,000 to meet the requests for financial help from credit union people affected by the devastating flooding last month in Colorado.

The online CUAid effort has raised more than $200,000 since it was launched two weeks ago, the foundation said, but only has the funds to meet about 40% of what’s been sought, the foundation said Monday afternoon.  Read More

CUAid: Need $100K More For Colorado CU Members' Flood Relief
Colorado credit union members, volunteers and staff affected by recent flooding in that state have requested more than $200,000 in disaster relief, which means at least $100,000 still needs to be collected through, the online disaster relief system.  Read More

CUNA Legislative Update 
October 7, 2013

Good morning! With the government shutdown entering its second week and the deadline for raising the debt ceiling to avoid default about ten days away, Congress remains is Washington. The House will consider a series of small, targeted appropriations bills to fund various agencies and government programs. The Senate has not indicated how they will act on these bills. It is possible that additional legislative business could be added to the schedule this week, but nothing has been announced at this time.

Committee Meetings

We are following several committee meetings on both sides of the Capitol, including the following:

READ MORE (members only)

Shutdown Showcases CUs' Best Efforts Helping Members
The federal government's partial shutdown is showcasing credit unions' best efforts to help members who will bear the financial brunt of  the shutdown, and the media are fast picking up on that fact. News reporters have told the Credit Union National Association they are impressed with how much faster credit unions have stepped up to the plate to assist members through the shutdown than banks have.  Read More

CUs In the Media On Shutdown, Taxes, Credit Scores
The Credit Union National Association as well as credit unions told about the benefits of credit unions in several media articles this week on a variety of topics including credit unions' assistance to consumers affected by the federal government shutdown, the Don't Tax My Credit Union campaign and credit score tips.  Read More

Shutdown Voting Math Fails To Add Up
A lot of words have been spilled since the government shutdown began nearly a week ago, but some of the most noteworthy came from the lips of House Speaker John Boehner Sunday on ABC's This Week:  Read More

Wouldn't it be frustrating to have a great idea and not be allowed to talk about it?

A regulation passed in 1933 put drastic limits on how small businesses and start-ups could spread the word about their need for funding. The rules prevented them from advertising or “general solicitation,” limiting their outreach only to investors already known to them who met certain income and asset thresholds.

In today’s world, it didn't just prevent traditional advertising; it also meant they couldn't tap Twitter followers, Facebook friends or other social networks for help finding investors, since they couldn't talk about the opportunity with anyone who was not a qualified investor with whom they had a preexisting relationship.

On Sept. 23, a landmark revision contained in the JOBS Act took effect enabling small companies to publicly announce efforts to raise capital.

After eight years of production delays, the Federal Reserve finally rolled out new Benjamins on Tuesday.

A hundred years after the first $100 bill was issued in 1914, the banknotes are receiving a much-needed makeover in an effort to thwart sophisticated counterfeiters -- after overcoming "mashing" printing issues that led the Feds to shred more than 30 million of the bills in 2012Read More

The Cheney Report



  • Despite Shutdown, Lawmakers Hear ‘Don’t Tax My Credit Union’
  • Yet More Carping From Bankers About CU Tax
  • Credit Unions Step Up after Gov’t Shutdown
  • CUNA Emphasizes Reg Relief, Good CU Deals, in CFPB CARD Hearing
  • Simplifying Your Digital Life
  • Read the entire Cheney Report HERE