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Stabenow Joins Ranks of Those Opposing CU Taxation; Shelby Responds to Deluge of CU Letters

WASHINGTON - Senate Banking Committee Member Debbie Stabenow (D-Mich.) released a statement recently, stating her strong support of credit unions' tax exemption. "As a 20 year member of the State Employees Credit Union, I have experienced first-hand the important services that credit unions offer their members," she said. "I am...

By Sarah Snell Cooke | Updated on June 22, 2004

WASHINGTON – Senate Banking Committee Member Debbie Stabenow (D-Mich.) released a statement recently, stating her strong support of credit unions’ tax exemption. “As a 20 year member of the State Employees Credit Union, I have experienced first-hand the important services that credit unions offer their members,” she said. “I am a strong supporter of the credit union concept and the array of helpful financial services they provide to their members.” Stabenow added, “I have been very concerned by recent statements by some elected officials who suggest that we should re-examine the tax-exempt status of credit unions. I think this would be detrimental to the health of these institutions and particularly harmful to the consumers who belong to credit unions. I will oppose this re-examination effort and will continue to support credit unions’ tax-exempt status.” Additionally, Senate Banking Committee Chairman Richard Shelby (R-Ala.) has written responses to each of the 51 credit union leagues that thanked him for his recent statements in the press supporting credit unions’ tax-exempt status. Another of these letters went straight to CUNA President and CEO Dan Mica. In addition to reiterating his support for the tax exemption, Shelby assured Mica that his committee continues to press on in matters of regulatory relief. Shelby wrote, “The United States has a tremendously dynamic economy, in which change is a constant and driving force. Businesses, including credit unions, need to be able to adapt to changing markets. Outdated laws act only as a drain on productivity and growth.” He noted the committee’s April 20 hearing entitled, “An Examination of the Current Condition of the Banking and Credit Union Industry,” which aimed at permitting the regulators to discuss industry trends and issues. [email protected]

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