On February 21st CUNA and NAFCU joined forces to protect credit unions in a join response to U.S. Sen. Orrin Hatch (R-UT), who had questioned NCUA on the validity of the credit union tax exemption. In the letter, the structure of credit unions as not-for-profit financial cooperatives was illustrated, as well as their mission in helping people afford life, and how they are regulated. To see the response to Sen. Hatch, please click here.
This one situation drives home an excellent point on why it’s important for credit unions to engage their legislators, grow connections and build awareness of the industry – and what the industry needs legislatively so as to continue to serve the members who rely upon them for their financial well-being. Credit unions can be and are impacted by legislation on a state and federal level, and it takes the efforts of everyone in the industry to help ensure that credit unions have a long and positive future. And, it’s perfect timing to do so, as credit unions travel to Washington, D.C., this weekend! Thank you to all the credit union people engaging their federal legislators at the GAC.