X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON-Treasury Secretary John Snow told the nearly 4,000 attendees at CUNA’s 2004 Governmental Affairs Conference last week that the administration supports the credit union movement’s tax-exempt status. As the economy is gradually picking up from its latest recession, Snow said that business leaders and others inquire as to how the U.S. economy has come through. “The answer is obvious. It’s people like you,” he explained. Snow said he understands that credit unions are there to serve their members. “Let me say to you: I understand you are for service and not for profit. Which is the fundamental reason why this talk of taxation of your industry, and what you do, is something we oppose,” he stated. Snow continued, “You always get less of anything that you tax. Well, we don’t want to get less of what you do.” He also supported credit unions’ efforts to serve their communities and small business. “Your financial help to communities, and to small businesses and to people with their mortgages, was one of the things that sustained this economy through that very, very, extraordinarily difficult time,” Snow said. CUNA President and CEO Dan Mica responded in a statement, “Secretary Snow’s comments today are very gratifying to credit unions and we thank him. The administration’s support for the continued tax-exempt status of credit unions is very important to all of us, and we are certain that support will be crucial for the future of credit unions.” [email protected]

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.