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Cheney Report: Even Banks Call CU Tax Status 'Apple Pie'
WASHINGTON (11/18/13)--The American Bankers Association (ABA) and Independent Community Bankers Association (ICBA) continue to fight tooth and nail to add to the tax load of credit unions. However, at least one banker has publicly conceded the credit union tax status is like America's "apple pie," Credit Union National Association President/CEO Bill Cheney reported in this week's edition of The Cheney Report.

The Report quotes Capital Bank of New Jersey President/CEO David Hanrahan Sr., who, as reported in American Banker, recently told an ABA conference that fighting the credit union tax status "is like trying to outlaw apple pie. "

While we appreciate this comment from a banker, he isn't drafting tax reform and the ABA and ICBA continue to relentlessly urge lawmakers to remove the tax exemption, Cheney wrote. "The only way to ensure this 'apple pie' quote becomes reality is to continue our strong advocacy on protecting the exemption," he said.

Cheney encouraged credit unions and their members to continue to use CUNA and state credit union league resources, social media sites including Facebook, and micro-video site Vine, to tell their legislators, "Don't Tax My Credit Union!"

In this week's Unite for Good update, Cheney shared the united effort of 20 southern California credit unions. Those credit unions banded together to back the CU SoCal Helping Hands charity, raising $14,000 in donations for the Children's Hospital of Orange County's (CHOC) 23rd Annual Walk in the Park at the Disneyland Resort in Anaheim.

The credit union efforts, which united a group of 825 walkers for the event, will help support the regional pediatric healthcare system serving children and families in Southern California.

CUNA continues to collect stories that showcase how credit unions are helping reach CUNA's shared, strategic vision in which Americans choose credit unions as their best financial partner on UniteforGood.org.
 
This week's Cheney Report also includes:
  • A preview of this week's National Credit Union Administration board meeting agenda;
  • CUNA comments to regulators on increasing mortgage rule compliance leeway for credit unions;
  • Information on how credit unions are working to fight elder financial abuse; and
  • Last week's House Financial Services Committee approval of standalone credit union regulatory relief measure, the first to pass through that committee in nearly 15 years.
Use the resource link to read the latest in The Cheney Report.
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