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News Now

CU System
NEW: CUs Score Victory In South Dakota
VERMILLION, S.D.  (12/4/13, UPDATED: 11 A.M. CT)-- South Dakota credit unions scored another victory as the Clay County Commission this morning voted unanimously (5-0) to indefinitely table the South Dakota Bankers Association's "Equalization in Taxation" resolution. 
 
Also, late Monday afternoon, South Dakota banks asked the Vermillion City Commission to consider its "Equalization in Taxation" resolution proposal. Following debate and a response from the Credit Union Association of Dakotas (CUAD) and credit union advocates, the city commission took no action on the request.  Official action could come at a later date.  Representing the credit unions were Janet Mount, president/CEO Vermillion FCU and Amy Klienschmit, CUAD director of compliance.   
 
South Dakota banks continue their push today with a planned presentation before the Campbell County Commissioners in Mount, S.D.
 
Over the last several months, a select group of South Dakota banks, has been promoting a state-wide effort to implore local lawmakers to impose taxes (local, franchises, or federal) on not-for-profit credit unions. Banks' core argument is that credit unions have grown "beyond their intended purposes in both size and scope," and changing the credit union tax status will solve local, state, and federal budget shortfalls. 
 
The objective with the resolution proposal is to gain support from local taxing authorities to echo their calls for repeal of the exemption. More importantly state/federal policymakers would be receptive to the voices of local governments, CUAD said.
 
The South Dakota Bankers Association on Nov. 25 presented a resolution proposal to the Yankton (S.D.) City Commission in support of taxing federal credit unions and farm credit system institutions. Credit union advocates attended the meeting and successfully defended against the banks' claims, the Credit Union Association of the Dakotas (CUAD) reported (News Now Nov. 27). The city commission tabled the resolution and will consider it at a later date.
 
On a state-wide conference call for South Dakota credit union leaders last week, CUAD requested its membership to be vigilant in scanning local school board, city and county commission agendas for more bank attempts to their "taxation" resolution proposals and requests.


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