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

CUNA GAC Wrap-up: Clarification on Tax Reform, Meetings with Reps and Staff   (Misc News: February 27, 2014)

Michigan credit union leaders meet with Andrew Woelfling of U.S. Rep. John Dingell's office.

Credit union leaders packed the Washington Convention Center for the CUNA GAC.

U.S. Rep. Justin Amash stands with a group of Michigan credit union advocates.

U.S. Rep. Candice Miller meets with Michigan delegates to the CUNA GAC.

Drafters of the tax reform proposal released by U.S. Rep. Dave Camp on Wednesday did not intend to recommend imposing additional taxes on federal credit unions through the unrelated business activities provision.

CUNA News Now reported that senior staff with the House Ways and Means Committee, which Camp, R-Midland, chairs, said the committee has no intention of levying additional taxes on federal credit unions.

Also, the Michigan delegation to the CUNA GAC wrapped up its Washington visit Wednesday.

Hillary Chambers, chief of staff to U.S. Rep. Sander Levin, D-Royal Oak, ranking member on the House Ways and Means Committee, met with constituent credit union leaders Wednesday to discuss a variety of issues.

Topics included the importance of continuing the credit union tax exemption with any tax reform proposals, the importance of maintaining a 30-year fixed mortgage product and government guarantee with GSE reform, regulatory relief and retailer data breaches.

On Tuesday, Levin told the CUNA General Assembly how he appreciates what credit unions did for the country during the Great Recession.

"When the need was there, there was one door that was open,” Levin said, “the door of the local credit union. In Washington, D.C., we need to ensure that door is never closed."

CU leaders shared specific examples of how recent regulatory reforms from the CFPB have caused many credit unions to pull back lending with certain mortgage products that don't conform with new qualified mortgage requirements and also how recent changes to Reg E have forced many CUs to stop offering international remittance transfers. Chambers asked the CU leaders to share specific data on the negative impact certain CFPB regulations are having on lending, once available in the coming few months.

Members of the Michigan delegation also met with freshman U.S. Rep. Dan Kildee, D-Flint. Michigan credit union leaders told Kildee about the importance of member business lending – the MBL bill was reintroduced in the House earlier this week – access to capital for credit unions and the impact of the new qualified mortgage rule.

Rep. Bill Huizenga attended the league’s legislative luncheon and he also ducked out of a committee hearing to meet with 20 district credit union leaders.

Rep. Gary Peters, D-Bloomfield Hills, left the House floor to meet with credit union leaders Wednesday. Earlier, he had made a well-received GAC general assembly speech. Peters is running for the U.S. Senate seat being vacated by fellow Democrat Carl Levin and MCUL & Affiliates has endorsed him.

Overall, the Michigan delegation had a successful visit to Washington with quite a bit of discussion about the regulatory burden on credit unions, CFPB and difficulties caused by the rapid pace of change.

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