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News Archive

Wisconsin played a big role in advocacy that affects credit union income

 

Credit unions' latest success in removing barriers that impede their progress relates to unrelated business income tax.

 

In a memorandum to its examiners, the IRS provides guidance that is consistent with recent court decisions involving Wisconsin's own Community First and Colorado's Bellco credit unions. Previously, the IRS had not uniformly applied those court decisions outside Wisconsin or Colorado.

 

CUNA's News Now detailed the significance of this development.

 

"This has been at least a 15 year fight to get the IRS to change its course, and it wasn't until these two credit unions stepped forward and were successful in their court actions that we saw some willingness by the IRS to change its position," said League President & CEO Brett Thompson.

"These decisions spurred by both credit unions made it difficult for the IRS to continue business as usual. This underscores how important advocacy is and what a tremendous difference the efforts of individuals and in this case, individual credit unions, can make toward improving credit unions' income position and operating environment," he added.

 

"We really do unite for good in efforts like this that improve all credit unions' ability to serve their members, and I'm proud that Wisconsin could again play such a leading role in this particular effort," Thompson said.

 


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The Unite for Good effort is an internal growth strategy developed by CUNA in conjunction with its Board, state leagues, credit unions and system partners. The plan's action steps – to remove barriers, increase awareness and foster service excellence–are aimed at helping more credit unions become their members' primary financial institution by compelling members to see credit unions as their best financial partner. Read more articles in our Unite for Good series.


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