MBL Hike Lower on CUNA Priorities
CUNA announced new legislative priorities for 2013 that include four key agenda items: preserving the credit union tax exemption, reducing regulatory burden, engaging in housing finance reform and advancing credit union charter enhancements.
That marks a significant change from 2012, when raising the member business lending cap to 27.5% of assets was the primary goal.
Another shift in strategy at CUNA will be a more aggressive approach toward bank lobbyists. Magill said CUNA’s opposition to something bankers wanted last year–an extension of the transaction account guarantee–contributed to the bill’s failure. He cited American Bankers Association CEO Frank Keating, who wrote in a daily news bulletin that in addition to politics, credit union lobbying against TAG done “out of spite since banks have helped to stymie the credit union business lending bill…were insurmountable.” Magill also pointed to a mid-December report in Washington publication The Hill that called CUNA and NAFCU opposition to the extension of TAG a “victory over community banks.”
If banks continue to oppose credit union issues, they can expect that successful TAG pushback to be repeated, he said.