WASHINGTON—House Financial Services Republicans will hold their annual retreat Tuesday, and the Independent Community Bankers of America (ICBA) is expected to make an appearance, according to a news report. However, credit unions, apparently, have not been invited.
POLITICO reported that House Financial Services Republicans will hold their annual retreat Tuesday at the Library of Congress. The news outlet added the Office of Management and Budget’s Mick Mulvaney and ICBA representatives are among those expected to stop by, adding a source stated that regulations lawmakers could roll back using the Congressional Review Act will be discussed.
CUToday.info reached out to HFSC chairman French Hill’s office, asking if the POLITICO report was accurate, and if the ICBA has been invited to attend. Hill’s office did not respond to repeated requests for comment from CUToday.info, which included asking if the credit union tax exemption was going to be discussed.
The ICBA declined to comment, as well.
Defense Credit Union Council Chief Advocacy Officer Jason Stverak said these kinds of meetings are why DCUC has been concerned about preserving the credit union tax status for quite some time.
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“We know that whenever there is an opportunity for members of Congress to get together and discuss items and issues that impact credit unions, we need to make sure they hear from us. It is disappointing that we will not be in this room Tuesday,” he said. “Despite the fact we won’t be attending, we will make sure that defense credit unions and, most importantly, the millions of credit unions’ members’ voices, are heard on this important issue. Eliminating the credit union tax status would hurt credit unions’ ability to serve those who serve our nation.”
Asked if DCUC is concerned the CU tax exemption could be discussed Tuesday with the ICBA, and that credit unions will not be there, Stverak said, “I do expect the credit union tax status will be discussed Tuesday, as I am certain the ICBA won’t pass up an opportunity to bring up that matter—to talk directly to members of Congress about it.”
America’s Credit Unions told CUToday.info they were not invited to the retreat, adding the trade group has scheduled a meeting with Hill (R-AR) this week. The retreat is being held in advance of HFSC’s hearing Wednesday titled, “Make Community Banking Great Again.” The hearing is at the personal behest of Hill, a former community banker, who made reforms and relief in community banking a central focus of his campaign for the chairmanship, ACU said.
ICBA President and CEO Rebeca Romero Rainey will testify at the hearing.
As CUToday.info reported, DCUC sent a letter to Hill last week in advance of Wednesday’s hearing, outlining credit unions’ “unique and indispensable” role in the financial system. The trade group is also scheduled to meet with a member of Hill's office this week to discuss issues important to defense credit unions and to emphasize the importance of credit union inclusion in the reg relief process. Stverak added that DCUC members have expressed concerns about the exclusion of credit unions from the discussions on Capitol Hill this week.