Recently, CUNA has updated and reintroduced their Tax Advocacy Toolkit
for credit unions. This set of resources is intended to help credit unions communicate directly with members , it features a wide variety of useful information and resources including, sample articles for credit union newsletters, sample op-eds for submission to local newspapers, statement suffers and print advertisements. In addition, the Toolkit includes a wealth of background economic and policy data underpinning the credit union tax exemption, state-level membership data and more!
We encourage our credit unions to take a look at use the available tools and resources to communicate with their members about the importance of credit union tax status and the benefits of membership. Credit unions may access the toolkit at the following link
A State Legislative Update Has Been Posted
State legislative updates are provided regularly as a resource for Association member credit unions during each states' legislative session. A new update has been posted this week and my be accessed along with past updates with your member log in account at the following link: mwcua.com/state-legislative-updates
The Cheney Report: The Increase in Cyber Attacks Has the Attention of Congress
The prevalence of cyber-attacks was a hot issue in Congress this week. The House passed a series of bills, most prominently the Cyber Intelligence Sharing and Protection Act (CISPA). All had CUNA’s support. The measures allow for more information sharing about cyber-threats between government and the private sector with liability protection, toughen penalties against perpetrators, and bolster funding for cyber-security research and development. Read entire Cheney Report Here
Bankers Storm Capitol Hill as House Mulls Tax Reform
When it comes to lobbying against the credit union tax exemption, banking trade associations hit the sweet spot this year.
Both the American Bankers Association and Independent Community Bankers of America are gathering in Washington this week and next, as the House Ways and Means Committee’s working groups collect information and make recommendations regarding tax reform. Read More
Fundamentals, Footwork Needed for Tax Exemption Fight for Survival
Joe Montana paid homage to his father during his address at this week’s annual NACUSO conference in Las Vegas. His father wasn't a big jock, but he could work the fundamentals with his future NFL quarterback son, like tying a tire swing up in a tree–not to swing on–but to throw the football through. Read More
Tax Worlds Collide on Capitol Hill
Tax reform debate began in earnest for credit unions April 11, when representatives from CUNA and NAFCU were called to Capitol Hill to plead their case for preserving the industry’s tax exemption before a House Ways and Means Committee working group. Read More
Lawmakers Reintroduce Legislation To Promote Fairness in Credit Union Examinations
Reps. Shelley Moore Capito (R-W. Va.) and Carolyn Maloney (D-N.Y.) and Sens. Jerry Moran (R-Kan.) and Joe Manchin (D-W. Va.) reintroduced legislation on Monday that would promote fairness in credit union examinations.
The bills, H.R. 1553 and S. 727, are identical to one another and to legislation put forth by the same lawmakers during the previous session of Congress. Read More
Floor ScheduleThe House will meet at 12:00 p.m. tomorrow to consider several bills under suspension of the rules. For the remainder of the week, the House will consider H.R. 1549, Helping Sick Americans Now Act as well as H.R. 527, the Responsible Helium Administration and Stewardship Act. The Senate will convene at 2 p.m. today to resume consideration of S. 743, the Marketplace Fairness Act. The bill will allow states to charge sales tax on purchases from out-of-state vendors. READ MORE
No man is above the law and no man below it. ~Theodore Roosevelt
Some Wonder If MBL Waivers Are Worth Applying For
With descriptions such as “frighteningly vague,” a backlash against the criteria for member business loan waivers swelled on Thursday afternoon.
During a session on MBL program updates held during NACUSO’s annual conference at the Encore Las Vegas, Vin Vieten, NCUA program officer for member business lending, listened to the frustrations from some of the attendees on the waivers. Read MoreCUNA Asks CFPB to Delay June 1 Credit Insurance Provision
A quickly approaching June 1 deadline to comply with new rules that prohibit charges related to single-premium credit insurance has prompted CUNA to ask the Consumer Financial Protection Bureau for an extension.
CUNA said it supports the Dodd-Frank mandated prohibition against the financing of actual single-premium credit insurance. Read MoreMore stories from Credit Union Times
The National Credit Union Administration has enhanced its employee ethics standards, adding new rules that would prevent its workers, including examiners, from taking on additional credit union employment to avoid potential conflicts of interest. Effectively immediately, agency employees must also obtain agency approval for any outside work they engage in. Read MoreMore Stories from CUNA News Now
At a recent speech before a convention of the Credit Union National Association (CUNA), new Sen. Elizabeth Warren (D-Mass.) made the pitch that the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 was achieving its goal of reining in Wall Street while “level[ing] the playing field” for credit unions.
On the law’s creation of the Consumer Financial Protection Bureau (CFPB), which Warren first proposed and then organized as an adviser to President Obama, Warren proclaimed: “The agency works for consumers. It also works for the lenders and small financial institutions, like credit unions.” Read More