The credit unions in Utah are dealing with a direct attempt to tax credit unions, something that has spilled onto the federal level. On January 31st CUNA received a letter that was sent to NCUA Chairman Mark McWatters from U.S. Sen. Orrin Hatch (R-UT), who is the chairman of the U.S. Senate Finance Committee. Sen. Hatch’s letter questioned the validity of the credit union tax exemption and directed NCUA to answer concerns regarding the industry that ranged from field of membership, community charters, executive compensation and marketing sponsorships of sports, to name just a few. CUNA alerted the state Leagues to ascertain whether other U.S. senators were seeking similar letters, and shared their response here. This situation is fluid; however, here’s how you can help on this as well as any future issues:
- Go on Hike the Hill visits with legislators. There’s a large group that will be traveling to D.C. next month from Georgia for the GAC, and the time these credit union people are spending for it is valuable on issues just like this. Bringing credit unions in force to meet with elected officials is a powerful way of illustrating the strength of the industry and the positive efforts put forth every day in helping people afford life.
- Educate your team and your members on why credit unions are different, and what that difference means to them. Never underestimate the power of your membership to stand up for the issues that matter. There’s a variety of ways to do so, and one tool is CUNA’s Member Activation Program.
- Build personal connections with your legislators. Make it a priority to get to know the legislators in your district, invite them to your credit union events, and engage with them at civic meetings. By building a personal connection with them, it places an in-district face on the issues as they are addressed.
- And when there are calls to actions on issues, please engage your team. Sharing the concerns of credit union members on the issues that impact them makes an impact and is noticed on a federal level … especially when there is a volume of numbers responding.
The federal legislative session is a yearlong affair, and the state legislative session is just in for a brief (but intense) window of time in the first three to four months of the year. And, it is a challenge in any year, with multiple issues (as one can see) that impact credit unions on any and every given day. Often these issues are addressed quickly and without the engagement of a statewide “call to action” – however, there are things you can do to help shape each of these issues.
