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News Now

Washington
Ways & Means Chair, New Fin. Services Member Support CUs
WASHINGTON (8/14/13)--As credit unions continue their tax status advocacy efforts, Rep. Dave Camp (R-Mich.), who is currently working on tax reform measures as chairman of the House Ways & Means Committee, noted the "very important role" credit unions play in communities across Michigan and the rest of the country.

"I will continue to look for ways to reduce regulatory burden and to help credit unions in their mission of serving consumers and small businesses with affordable financial services," Camp added in a statement delivered to the Michigan Credit Union League & Affiliates.

"The significance of this statement is that the chairman has made a very clear and strong statement of support for credit unions and the need to help them with their mission of serving consumers and small businesses," MCUL & Affiliates' CEO David Adams said.

Camp and Senate Finance Committee Chairman Max Baucus (D-Mont.) have talked tax reform in town hall-style field meetings across the country, and tax reform is likely to be on the agenda when Congress returns in September.

Another key legislator, House Financial Services Committee member Keith Rothfus (R-Pa.), has joined the list of credit union tax-status backers in Congress, telling Pennsylvania credit union representatives he would continue his support to keep "credit unions out of the tax column."

Others that have spoken out in support of credit unions include ranking House Ways and Means Democrat Rep. Sander Levin and seven other Michigan legislators, as well as Rep. Joe Pitts (R-Pa.). The Cornerstone Credit Union League has also reported positive results to Texas credit unions: 38 House and Senate members state their support of credit unions, with 32 of those members specifically stating their support for the credit union tax status.

Credit union leagues are advocating for the credit union tax status in the press, through social media, and in person during this August recess. (See News Now story: CUs' 'Don't Tax' Message Resonates.)
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