113th Congress Day One: NAFCU and Military Coalition Defend Tax Exemption
NAFCU lobbyists spent the first day of the 113th Congress working Capitol Hill, sending its legislative team to drop in on lawmakers, especially freshmen, and attend swearing in ceremonies.
President/CEO Fred Becker, Executive Vice President of Government Affairs Dan Berger, Vice President of Legislative Affairs Brad Thaler and lobbyists Quincy Enoch, Jillian Pevo and Dan O’Brien visited dozens of lawmakers Thursday, including Sens. Elizabeth Warren (D-Mass.), Jon Tester (D-Mont.), Roger Wicker (R-Miss.), and Reps. Ed Perlmutter (D-Colo.) and Richard Hanna (R-N.Y.)
The lobbyists talked up key industry issues, especially the need to preserve the credit union federal income tax exemption.
Also Thursday, a letter from The Military Coalition was making the rounds on Capitol Hill in support of a tax-free status for credit unions. The group of uniformed services and veterans associations said they represent more than 5.5 million people and reminded Capitol Hill leadership, including the Senate Finance Committee and House Ways and Means Committee, that some 200 defense credit unions provide honest financial products and services to military families, and also provide financial education and counseling in branches on base.
The $52 billion Navy FCU of Vienna, Va. and the $15 million Pentagon FCU of Alexandria, Va. are the country’s largest and third largest credit unions, serving a combined 5.2 million members. Navy reported a $560.7 million net profit as of September 2012, according to its 5300 call report.
“The credit union federal income tax exemption is of critical importance because it benefits all Americans, not just those who belong to a credit union. Loss of the exemption would cost the federal government $15 billion in lost tax revenue, $148 billion in GDP and 1.5 million in lost jobs over the next decade. In addition, due to reduced competition, consumers would face higher interest rates on loans and lower interest rates on deposits,” said Becker in a release.