Bankers Renew Call for Tax on Credit Unions; Fight Back on ‘Thank You Thursday!’

Credit unions are being urged to thank members of the House Ways & Means Committee for protecting the credit union tax exemption with a “Thank You Thursday” social-media campaign designed to combat a new wave of attacks from bank lobbyists.

Washington Legislative Week in Review: Lawmakers Enter the Home Stretch

NWCUA-sponsored legislation to give state-chartered credit unions parity with federally chartered credit unions regarding mergers passed the state Senate on a unanimous vote and is now in the hands of Gov. Jay Inslee.

Washington Legislative Week in Review: Inslee Proposes Eliminating Seven Tax Breaks

Sales tax exemptions for bottled water, janitorial services and extracted fuel are among the tax breaks Gov. Jay Inslee would repeal under a plan to raise $200 million in the current biennium for K-12 education.

Certification of Exemption from Foreclosure Mediation Due by Jan. 31

Credit unions in Washington and Oregon have until the end of the month to renew their Certification of Exemption from Foreclosure Mediation to avoid the mandatory mediation clauses in both states’ foreclosure statutes.

Legal Briefs

Your weekly update on the regulatory landscape.

NWCUA’s Troy Stang Tells Fox Business: Loss of Tax Exemption Would Impact Members’ Wallets

Troy Stang, Northwest Credit Union Association president and CEO, told a nationwide audience on the Fox Business network this week that the loss of credit unions’ federal tax exemption would have a negative impact on the U.S. economy.

Tax Advocacy Spotlight: Credit Union Tax Exemption Gets Cooperative Support

Northwest credit union advocates have sent 28,000 messages to Congress in support of the credit union tax exemption.

Stang to Senate: Make Credit Union Tax Exemption a Priority

From the C-suite to the front line, credit union leadership and members are being asked to tell Congress not to tax their credit unions. For NWCUA president/CEO Troy Stang, it’s a mission to walk the talk.

NWCUA Sends ECONorthwest Report to President Obama

NWCUA President/CEO Troy Stang has shared the ECONorthwest study with President Obama. In a letter sent to the White House this week, Stang discredits the bank lobby’s claims about credit unions’ tax model.

Rep. Kilmer Pledges Support of Credit Union Tax Exemption

Washington Congressman Derek Kilmer pledged support of the credit union tax exemption during a meeting with Northwest credit union advocates Tuesday.

ABA to President Obama: Abolish Credit Unions’ Tax Exemption

The American Bankers Association has asked President Obama to abolish credit unions’ tax exemption. In a letter to the White House last week, ABA president/CEO Frank Keating called the exemption “a depression era tax break that has outlived its purpose.”

Tax Advocacy Update: More than 100,000 Credit Union Members Contact Congress

Congress is hearing from tens of thousands of credit union members who want to preserve the tax model. CUNA and NWCUA toolkit resources are posted to help credit unions prepare their members with the key message points.

picture of a sticky note that says wake up call

Breaking News: Credit Unions are a “Tax Reform Option” According to Senate Finance Committee

In breaking news from the Senate Finance Committee, credit unions were listed as a “tax reform option.” The release of the report naming credit unions specifically as a source of revenue sounds a high-priority advocacy alarm.

Joint Committee Issues Tax Report

With tax reform under the microscope in Congress, the Joint Committee on Taxation released a report this week examining exemptions and other reform ideas. Credit unions were mentioned 35 times, according to an analysis by CUNA.

As Not-for-Profit Cooperatives, Credit Unions Leverage Corporate Tax Exemption for Member Benefit

Now is the time for credit union leadership to educate boards, staff, members and legislators about the structure, value and impact the credit union charter delivers to the members and communities served. The credit mnion message is supported by strong data.

2010 Department of Labor Ruling Shows Up in CFPB Final Rule

The official commentary in a new final rule from the CFPB includes hourly pay among the “permissible methods of compensation” for MLOs, meaning credit unions will have to examine their loan officers’ primary duties to determine whether they qualify for minimum wage and overtime.

New Round of IRS Tax Exemption Automatic Revocation Letters May be Starting

Like zombies in a B-movie that just won’t go away, Northwest credit unions are once again finding letters on their doorsteps informing them that their tax exemption is on the IRS’ list for automatic revocation.

Credit Unions Busy Preparing for CUNA GAC

With more than 200 credit union professionals from Oregon and Washington set to travel to Washington, D.C., next week for the CUNA GAC, Valley Credit Union’s Jean Wheat-Palm set the stage for the intense week of lobbying with an op-ed piece discussing the many benefits credit unions provide.