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CUNA and NAFCU Contest Treasury CU Tax-Exemption Review, ABA Grateful

CUNA and NAFCU stood at attention the minute they heard of a Treasury background paper looking at the credit union tax-exemption to make up for possible cuts in the corporate tax rate.

By Sarah Snell Cooke | Updated on August 07, 2007

ARLINGTON, Va. — CUNA and NAFCU stood at attention the minute they heard of a Treasury background paper looking at the credit union tax-exemption to make up for possible cuts in the corporate tax rate.

Upon hearing of the Treasury Conference on Business Taxation and Global Competitiveness, NAFCU issued a stern letter in opposition to the idea that would change the very nature of credit unions. “NAFCU strongly disagrees with the Department of Treasury’s analysis related to the repeal of credit union tax exemption and urges the Department of Treasury to retract the suggestion that the exemption of credit unions from income tax should be repealed,” NAFCU Senior Counsel and Director of Regulatory Affairs Carrie Hunt wrote in a letter to Treasury. She cited comments of President George W. Bush from 2004 supporting the credit union tax-exemption and former Treasury Assistant Secretary Emil Henry’s remarks just last September reiterating that, “Credit unions occupy a somewhat unique place in the financial institution marketplace by offering access to financial services to millions of Americans based on a cooperative ownership structure…The President recognized the important role that credit unions play and pledged…to maintain credit unions’ tax exempt status. As I stand here today, I can wholeheartedly say that the Administration continues to support credit unions’ tax exemption.”

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