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Cheney Addresses CUAD On Tax Threat
GRAND FORKS, N.D. (6/10/13)--Bill Cheney, president/CEO of the Credit Union National Association, and the Credit Union Association of the Dakotas were in Grand Forks, N.D., last week to rally support for protecting the federal tax exemption and to "Unite for Good" during the annual CUAD Summit.

Click to view larger image Bill Cheney, right, president/CEO of the Credit Union National Association, posed with Robbie Thompson, president/CEO of Credit Union Association of the Dakotas, and CUAD's CU on the Road Vehicle, part of its credit union awareness campaign, last week during the annual CUAD Summit.  (Photo provided by the Credit Union Association of the Dakotas)
On Thursday, Cheney addressed the general session, and discussed CUNA's strategy in Washington, D.C., meeting the challenges credit unions face, and looking toward a bright future. Cheney expanded upon the three-tiered coordinated efforts of "Unite for Good," the "Don't Tax My Credit Union" movement and the "Plan To Win," which are vital to the success of the credit union movement.

"There is much to be excited about ... credit unions grew over 800,000 net new members so far this year, in just three months" Cheney said.  "Hats off for all you are doing."

Cheney said that credit unions do not want to wait until the taxing of credit unions is part of legislation and then begin to fight it; they must stop it now. "With a shared message and a common vision, nothing is impossible," he said.

Cheney encouraged the audience to visit the website.

Unite for Good is CUNA's campaign to rally credit unions toward the strategic vision in which "Americans choose credit unions as their best financial partner."  The campaign's goals are: remove barriers, create awareness and foster service excellence.

CUNA's Plan To Win can help credit unions educate their members and prepare for a national call to action to protect the tax status, if needed. The plan includes four steps:

  • Educate;
  • Participate;
  • Communicate; and
  • Hold lawmakers accountable.
Addressing the burdens that community based financial institutions and credit unions are facing, Cheney said that "over-regulation could create the next financial crisis ... and we are starting to have some success in getting that message across."

Cheney met with Consumer Financial Protection Bureau Director Cordray and National Credit Union Administration Chairman Debbie Matz recently and said that the tone is different than it was a year ago. "They acknowledge that credit unions did not cause the financial crisis, and are addressing issues with examinations," Cheney said.
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