Bankers Storm Capitol Hill as House Mulls Tax Reform
When it comes to lobbying against the credit union tax exemption, banking trade associations hit the sweet spot this year.
Both the American Bankers Association and Independent Community Bankers of America are gathering in Washington this week and next, as the House Ways and Means Committee’s working groups collect information and make recommendations regarding tax reform.
The working groups are to compile their information and submit a report to the full committee May 6.
The ABA concluded its annual Government Relations Summit on Wednesday, bringing more than 1,000 bankers to Washington to visit members of Congress.
Fighting the credit union tax exemption was listed among the top speaking points and was the featured topic for the group’s April 16 general session titled “Credit Union Taxation: Now is the Time.”
Adding insult to injury, an ABA video for attendees promoting the event features a photo of bankers shaking hands with a smiling Rep. Ed Royce (R-Calif.), a frequent sponsor of credit union legislation and a vocal credit union supporter.
The ICBA will gather in Washington for its annual Washington Policy Summit on April 24 and 25. The ICBA summit agenda does not include a session on credit union tax exemption; however, the ICBA actively lobbies Congress against what it calls the “Credit Union Power Grab,” referring to legislative attempts to increase the member business lending cap and permit credit unions to hold supplemental capital on their books.
In preparation for the events, CUNA booked ads in Washington publications Politico and The Hill to coincide with bankers’ visits to Capitol Hill. The ads tout credit union benefits to consumers and promote the trade association’s credit union finder website, asmarterchoice.org.