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News Now

Washington
No taxation of CUs Camp says
WASHINGTON (2/27/09)—“No taxation of credit unions!” Rep. Dave Camp (R-Mich.) exclaimed to an audience of credit union representatives at the Credit Union National Association (CUNA) Governmental Affairs Conference during Thursday’s closing session. The audience enthusiastically responded to Camp’s statement with a round of applause as he continued to praise credit unions for their work, and recognized that credit unions’ unique structure and tax-exempt status often subjects them to scrutiny. Camp is ranking minority member of the powerful House Ways and Means Committee. “Credit unions face challenges,” he said. “But you remain strong financially. If banks followed your strategies, we would not be facing this credit crisis.” Echoing similar thoughts from other lawmakers this week, Camp voiced his opposition to a mortgage cramdown bill that is expected to be voted on by the House next week. If passed, the bill would allow bankruptcy judges to alter the terms of borrowers’ existing mortgages. “It’s a bad policy,” Camp said. “It should not become law.” Camp encouraged credit unions to continue spreading their message on Capitol Hill. On Wednesday afternoon, Camp said he met with a number of credit union representatives and appreciated what they had to say. “I was pleased to see you on the Hill,” he said, noting that other lawmakers he spoke with also said they were happy to talk with credit union representatives face-to-face. CUNA President/CEO Dan Mica, who later took the stage, said he had received positive feedback about credit unions’ Hill hikes the day before. “You are the pulse of the communities [you serve],” Camp added. “We need to hear from you.”


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