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Virginia League Rouses CUs to Fight Bankers' CU-Taxation Lobbying Efforts

RICHMOND, Va. - More than 200 credit union supporters representing each of the Virginia Credit Union League's 10 chapters, participated in a conference call Dec. 8 organized by the League on strategies for the upcoming General Assembly and for dealing with the lobbying tactics being used by the Virginia Bankers...

By Staff Writer | Updated on December 16, 2003

RICHMOND, Va. – More than 200 credit union supporters representing each of the Virginia Credit Union League’s 10 chapters, participated in a conference call Dec. 8 organized by the League on strategies for the upcoming General Assembly and for dealing with the lobbying tactics being used by the Virginia Bankers Association to fight credit unions’ tax exemption status. VCUL President/CEO Rick Pillow noted that credit unions’ ability to counter any taxation-related legislation being pushed by the VBA will require that credit unions “take this threat seriously” and work to inform their staffs, members and legislators about the consequences of any taxation of credit unions. “We’ve taken a proactive stance in this effort to preserve the credit union movement and protect the interests of the more than 3 million credit union member-owners in Virginia,” Rick said. “The General Assembly moves far too quickly to take a wait-and-see approach, and this is too significant a threat to be taken lightly.” CUNA SVP of Governmental Affairs John McKechnie also participated in the conference call, and he encouraged all credit unions to recognize their stake in the bankers’ campaign against credit unions and members, and to stand with the League as it leads the charge to preserve Virginia’s credit union movement.

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