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News Now

Washington
Sen. Corker talks tax, commends CU advocacy efforts
​WASHINGTON (2/25/14)--Speaking during Monday's 2014 Credit Union National Association Governmental Affairs Conference session, Sen. Bob Corker (R-Tenn.) told credit union supporters he does not know of anyone who wants to change the credit union tax status.

Click to view larger image Sen. Bob Corker (R-Tenn.) tells credit union supporters he does not know of anyone who wants to change the credit union tax status. (CUNA Photo)
Corker is a member of the Senate Banking Committee and has served in the Senate since 2007.

The senator has recently been an active member of housing finance reform efforts, introducing the Housing Finance Reform and Taxpayer Protection Act (S. 1217). That bill would wind down government-sponsored enterprises Fannie Mae and Freddie Mac and replace them with a new mortgage guarantor.

He credited CUNA for helping push housing finance reform legislation along, and said credit union Senate testimony on reform goals was "profound." Housing finance reform legislation will likely be marked up soon in the Senate Banking Committee and could see a full vote this year, the legislator added.

Corker said two credit union priorities for reform--maintaining the 30-year fixed-rate mortgage and ensuring broad access to the secondary mortgage market--should be in the final version of the Senate bill.

Overall, the legislator said he was impressed by the record GAC crowd of 4,400, and by credit unions' positive, upbeat advocacy.


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