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Michigan Credit Union League Home » Information Services » Publications » News Articles  

Mich. Congressman Urged to Support CU Tax Exempt Status   (Misc News: December 21, 2011)

Three congressmen have delivered a letter to U.S. House leaders, including Rep. Dave Camp,R-Midland., offering their support for credit union tax-exempt status. Camp currently serves as chairman of the House Ways and Means Committee.

The letter is signed by U.S. Reps Todd Akin, R-Mo., Daniel Lundgren,R-Calif., and Ron Paul, R-Texas, and it highlights the cooperative nature of the industry. According to CUNA News Now , the letter states:

"Credit unions continue to serve the initial goals intended by Congress when their tax-exempt status was granted. Regardless of size, credit unions remain cooperatives. They are operated by utilizing democratically controlled volunteer boards of directors who subsequently return their earnings to members of the credit union."

The idea for the letter reportedly came out of Missouri’s Hike the Hill advocacy event in October, where Rep. Akin announced his willingness to speak out in support of the industry. It was also sent to House Speaker John Boehner,R-Ohio, and Majority Leader Eric Cantor ,R-Va.

CUNA has expressed its gratitude to the congressmen for their understanding of the impact credit unions have on their members and communities and the need for continued support of the tax exempt status.

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