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LYNCHBURG, Va. – The Virginia Bankers Association is asking its members to write their members of Congress and encourage them to support House Ways & Means Committee Chairman William Thomas’ request to review credit unions’ tax exemption and to oppose H.B. 3579, The Credit Union Regulatory Improvements Act. An item on the Virginia Bankers Association’s Web site stated that, “The credit union industry is attempting to undermine a review of its tax exempt status by the House Ways & Means Committee. They have also had legislation introduced to provide them even more regulatory relief. Their actions must be stopped. However, they can only be stopped by all bankers.The challenge is before us. Will we fight aggressively or allow the credit unions to continue to abuse their authority and undermine the banking industry and free market? The proof is in the numbers.” The Virginia Credit Union League, in response, has urged credit unions in the state to write their congressional representative and educate them about the credit union difference. The League also encouraged CUs to provide members of Congress with their Project Differentiation Statement of Commitment to demonstrate how they serve their members.

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