Credit Unions Voice Concerns During GAC Hill Visits
Visits with Missouri’s congressional delegation on Capitol Hill capped off the Credit Union National Association Governmental Affairs Conference (GAC) in Washington, D.C. Nearly 40 credit union representatives from Missouri were part of the 4,200 participants from across the country attending the conference February 24 – 28.
The top issue addressed with Missouri’s U.S. Senators and U.S. Representatives was maintaining the credit union tax status. Credit union volunteers and staff members outlined the potential impact – explaining that removing the federal income tax exemption from credit unions would be a tax on millions of working families, as credit unions provide a benefit to consumers totaling $8 billion annually.
Regulatory burden and the impact on credit unions was another issue of concern, with attendees providing examples of how increased regulations are costing consumers. There are also three bills introduced in the U.S. House of Representatives that affect credit unions, which were discussed during legislative meetings. These include:
H.R. 688 – Credit Union Small Business Jobs Creation Act (member business lending)
H.R. 719 – Capital Access for Small Businesses and Jobs Act (supplemental capital)
H.R. 749 – Eliminate Privacy Notice Confusion Act (amends annual privacy notice requirement)
U.S. Rep. Blaine Luetkemeyer (R-District 3), who is the sponsor of H.R. 749, discussed his efforts to reduce regulatory burden for financial institutions in a speech to the GAC assembly on February 26. In the following two days, credit union representatives met with lawmakers and their staff to discuss credit union concerns and issues. Both Senators and all Representative offices except District 8 (which is currently vacant due to the resignation of Jo Ann Emerson) met with credit union representatives.
“We appreciate the time and effort made by our credit union leaders to visit Washington, D.C. and highlight credit union concerns,” says Don Cohenour. “Their insight and real-world perspective brings a needed message to lawmakers.”
Staff and volunteers from the following credit union organizations participated in GAC Hill visits:
Anheuser-Busch Employees’ Credit Union
Arsenal Credit Union
BluCurrent Credit Union
Central Missouri Community Credit Union
CommunityAmerica Credit Union
Electro Savings Credit Union
Mazuma Credit Union
Mid Missouri Credit Union
Missouri Credit Union Association
St. Louis Community Credit Union
Vantage Credit Union
The Missouri Credit Union Association will organize additional Hike the Hill legislative visits in 2013.
More photos available on the MCUA Facebook page.