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News Now

Washington
Cheney Report: Reasons To Stay Tough On CU Tax Status
WASHINGTON (10/7/13)--The federal government's current shutdown may mislead some into thinking nothing will happen on tax issues this year, but Credit Union National Association President/CEO Bill Cheney in this week's Cheney Report urges credit unions to keep up tax status advocacy effort.

Banks continue to carp, trying to overturn the credit union tax status.  Also, Cheney notes, there is talk in Washington that with a federal debt ceiling deadline looming, "grand fiscal bargain" legislation could be developed by congressional leaders, which that could include tax reform, although, so far, nothing has emerged.

CUNA has urged credit unions to remember that "advocacy is a long game" and they need to remain engaged.

One way credit unions can show their value right now, Cheney said, is by promoting the good work they are doing on behalf of members impacted by the shutdown. "From across the nation, credit unions have launched innovative programs and products to be sure that their members employed by the federal government, or relying on government contracts, would have the financial resources the needed as they faced the reality of furloughs and delayed payments due to the shutdown," Cheney wrote.

He cited bridge loans at little or no interest, no-charge financial counseling, 0% lines of credit equal to one month's net payroll, loan restructurings, signature loans, skip-a-pay and zero-interest payroll advance loans as examples of the many products and services credit unions are offering their members.

CUNA has shared these examples with the press, and Cheney encouraged credit unions to shout loud the services they are extending to their members and share their stories on CUNA's uniteforgood.org. "Let everyone see how credit unions are serving their members," Cheney said.

The Cheney Report also features:
  • Details on CUNA testimony during a Consumer Financial Protection Bureau hearing on the CARD Act; and
  • A briefing on CUNA's mid-week Don't Tax My Credit Union online rally.
Use the resource link to read the latest in The Cheney Report.
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