WASHINGTON—Credit unions have made a timely arrival in Washington this week, sharing their stories on Capitol Hill as the House Ways and Means Committee prepares to begin marking up the tax reform bill.
Washington insiders informed CUToday.info that work is expected to begin Monday.
“Congress is working to meet the President's timeline on when he wants this legislation on his desk,” said DCUC Chief Advocacy Officer Jason Stverak. “It’s fortuitous that credit unions are here in Washington this week, going up to Capitol Hill and meeting with members of Congress on both sides of the aisle to talk about the importance of the tax status and our ability to serve our communities.”
As CUToday.info reported, the Defense Credit Union Council and America’s Credit Unions are sending thousands of representatives to Capitol Hill this week to advocate for CUs and their priorities. At the top of their agenda is preserving the credit union tax exemption. The visits to Congress this week are part of the annual Governmental Affairs Conference and Defense Matters meeting that are taking place in Washington. ACU’s GAC runs Sunday through Thursday, and DCUC’s Defense Matters event takes place Tuesday.
Stverak said the message that CUs should not be taxed has been shared strongly with Congress by DCUC for nearly a year.
“We're glad that the entire industry is working with us to this week to help us share that message on Capitol Hill,” he said. “This week is an opportunity for us to share the credit union difference in person, through thousands of handshakes.”
Stverak said DCUC has also been sharing with elected officials the story of the $80-million Enbright Credit Union’s Cancer Debt Relief Program, which helps members who have been diagnosed with cancer successfully handle the financial challenges that come with their condition.
“That is just one example, but a very clear one, about how credit unions are different than banks,” Stverak said.
“If we lose our tax status, our ability to serve those that others have left behind and that are dealing with personal and financial challenges is going to be severely limited,” Stverak continued. “And, specific to defense credit unions, our ability to ensure the financial readiness of our nation's armed forces will be greatly impacted, as well. But today, with all the work that has been done, I feel comfortable that credit unions’ tax status will be preserved. I feel better about this today than I did six months ago.”
"Next week's markup is only a first step, but an important one. I continue to hear positive vibes from the Hill about how they realize that credit unions are on high alert, and are very engaged in the process,” said Washington credit union advocate John McKechnie. “And the timing of our credit union visits to Washington this week couldn't be better. Now we actually have to see what Congress puts on paper."