Oxley Discusses Taxation, Reg Relief with FCUs

WASHINGTON-House Financial Services Committee Chairman Mike Oxley (R-Ohio) touched on a number of credit union-related issues at NAFCU’s Congressional Caucus last week. But few grab credit unions’ attention like taxation and regulatory relief. Credit unions are one of the top lobbying groups in Washington, and that is “how you create good legislation,” Oxley said. He stated that credit unions are well regulated and he wants to make changes to make those regulations less burdensome and more effective. Oxley commented that regulatory relief would “eliminate most of the useless underbrush.” “You all know it. You’re on the front lines of that,” he said. Oxley also said he was pleased with Treasury Secretary John Snow’s statement supporting credit unions’ tax exemption at NCUA’s Chairman’s Forum, which Oxley hosted with Johnson. “I think it reflects the vast majority of the feeling in the House as well,” he remarked.