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News Now

CU System
CUAD Gets Bank-Supported Tax Resolution Tabled In S.D.
BISMARCK, N.D. (11/20/13)--South Dakota's Brookings County Commission Tuesday voted 4-0 to table a bank-backed resolution that would have supported taking the tax-exempt status away from credit unions and farm credit services.  Speaking on behalf of South Dakota credit unions at the meeting were Dan Cumbee, CEO Dakotaland FCU, Huron, and Jeff Olson, president/CEO of the Credit Union Association of the Dakotas (Memo Nov. 19).
 
"The County Commission decided it was not in their realm of responsibility to consider an item that had federal implications," said Olson after the commission's decision.  "Simply put, we made our case that any resolution that the committee would support was an endorsement of one business over another.  By passing the proposed resolution asking Congress to repeal the tax exemption for credit unions, they in essence would be taxing 251,000 credit union members in South Dakota."
 
CUAD coordinated a state-wide response strategy in the week leading up hearing, organizing a postcard drop, buying media time, placing news articles and urging credit unions to attend the session.
 
Olson reported that credit unions showed great support at the meeting, with members and credit union professionals from Sioux Falls (S.D) FCU, Service First FCU, Sioux Falls, Dakotaland FCU and others from Brookings and the surrounding area in attendance.
 
"Given the fact that the South Dakota banking chair lives and operates a successful bank in Brookings, getting the county commission to kill the resolution is a big win for credit unions and credit union members in South Dakota," said Olson.


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