America's Credit Unions sign at GAC 2024.
The credit union tax-exempt status has been on the minds of much of the industry as of late. President Donald Trump has pushed for trillions in tax cuts and spending, and lawmakers have eyed the potential of removing the long-tenured credit union tax-exempt existence.
This move has been loudly proclaimed as a threat to the credit union system.
In an effort to help support the “Don’t Tax My Credit Union” campaign launched by America’s Credit Unions, TruStage President/CEO Terrance Williams will be announcing a $250,000 donation to the campaign at the Governmental Affairs Conference (GAC) on Monday in Washington, D.C.
TruStage Vice President of Corporate Legislative Affairs Megan Balogh and America's Credit Unions Chief Advocacy Officer Carrie Hunt spoke with CU Times on Friday about the donation.
Balogh said now is the time for credit union partners, like TruStage, to roll up their sleeves and do everything possible to help stop the tax-exempt threat to the system.
“I think as it comes to the ‘Don't Tax My Credit Union’ campaign, we're in one of those challenging periods now as a credit union movement, as tax reform takes center stage, and there are these stepped-up threats to the credit union tax status,” Balogh said. “And so, rather than shy away from that challenge, I would suggest that TruStage is really stepping up and stepping in with arms linked with our credit union partners. And this announcement that Terrance will make from the main stage on Monday is just one demonstration of that.”
The “Don’t Tax My Credit Union” campaign began last year, and a big and expensive part of the campaign strategy is political advertising.
Hunt added, “America's Credit Unions are incredibly appreciative of TruStage for recognizing how important this is very early on in the campaign. So, that we absolutely have those funds at our disposal of early on is exciting.”
Beyond the money, Balogh said TruStage is focusing on this extraordinarily important moment to create an “all-hands-on-deck” situation for its executives to fully participate in the pro-credit union messages during meetings with lawmakers on Capitol Hill. Balogh added this new effort goes beyond the executive level at TruStage.
“In addition to that, we're educating at TruStage our newer employees and our veteran employees about the credit union difference and how credit unions really do earn their tax status every single day through outstanding service to members and entire communities. And that we expect to engage these employees in grassroots advocacy at the direction of America's Credit Unions as part of this campaign,” Balogh said.
Hunt said the “Don’t Tax My Credit Union” campaign will be pushed into full gear at GAC.
“We've been soft launching it to credit union members and leagues for weeks now to make sure that credit unions know how to do the grassroots [campaign] to have those tools at their disposal. But even with all the work that we've done, there's still more work to do. And what I have found it's always helpful to have a peer ambassador when you're trying to engage on something new. So it's really fantastic that TruStage is committed to do that as well.”
GAC runs from March 2 to March 6.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
