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News Now

Washington
CUNA Monitors Tax Policy Report, CU Issues When Congress Returns
WASHINGTON (5/1/13)--Many members of the U.S. Congress have returned to their home districts, but the Credit Union National Association is tracking a number of key credit union issues ahead of their scheduled return next week.

A three-week legislative session will be held ahead of the planned Memorial Day break.

Of the many issues CUNA will be monitoring on behalf of credit unions, the Joint Committee on Taxation's tax reform report, expected out on Monday, takes top billing.

The Joint Committee early next week is expected to deliver the report to the House Ways and Means Committee. The report will likely broach a broad spectrum of tax issues, including those impacting credit unions. However, CUNA does not expect the report to contain any policy recommendations.

Early last month, CUNA and other stakeholders met with the House Ways and Means Committee's  financial services tax reform working group members to brief them on the public policy reasons backing the credit union federal tax exemption.

House and Senate floor schedules, as well as committee and subcommittee agendas, are unknown at this point. CUNA will keep an eye on the progress of:

  • Regulatory relief measures, including the "Community Lending Enhancement and Regulatory Relief Act (CLEAR Relief Act) (H.R. 1750)," which would aid credit unions and other community-based financial institutions by providing regulatory relief in the mortgage area and eliminating a requirement that privacy notices be sent on an annual basis;
  • Too Big To Fail action, including the Terminating Bailouts for Taxpayer Fairness Act (S. 798), which would require banks with more than $500 billion in assets to maintain a capital ratio of at least 15%; and
  • House (H.R. 1553) and Senate (S. 727) bills that would enhance safety and soundness by increasing the consistency and fairness of the regulatory examination system.
Several cybersecurity bills and financial literacy efforts are also being monitored by CUNA.
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