House tax reform draft is another big win for
Just after the State Legislature handed
Wisconsin credit unions a significant win by passing a regulatory reform package, Congress handed credit
unions a huge symbolic victory as the House tax reform proposal maintained credit unions'
federal tax status.
Significantly these developments also
represent setbacks for the bankers who attempted to take away Wisconsin's independent credit
union regulator and tax them at the federal level. On top of
rejection of bank attacks, the House tax reform draft includes a
proposal for a new 3.5 basis-point tax per quarter on banks over $500
Radio ads spread awareness of
credit union service
Wisconsin consumers are learning more
about the tremendous value of member-owned credit unions
through radio ads in various areas of the state.
The :30-second spots tout credit unions’
commitment to financial education, their member-owners and the
communities they serve. Listen to ads 1, 2 and 3.
"The intent is to enhance support and goodwill
for credit unions simply by sharing the great service they provide with
a broader audience," said League President & CEO Brett Thompson.
He cited research showing that the
more people understand the unique value of credit unions in the
financial marketplace, the less inclined they are to tax them like
The ads have aired or will air in Madison,
Wausau/Stevens Point, Oshkosh/Fond du Lac, Green Bay, Eau Claire and
While tax reform is unlikely to occur this
session, maintaining the corporate income tax exemption in this draft
was essential because this may become the starting point for future tax
"None of this would have been possible without the credit union
advocates that made their voices heard," said League President & CEO
Brett Thompson, noting that "Wisconsin credit union members
showered members of Congress with tens of thousands of Don’t Tax My Credit Union messages over the past year—and they heard our
"With the current tax reform measure such as
it is, our advocacy strategy will need to change to reflect the
situation on the ground," said Tom Liebe, Vice President of Government
Affairs for The League.
"Credit unions won this round not just because of the massive expression
of grassroots strength, but because of the strength of our message," he
added. "Wins like these that credit unions have experienced in recent
weeks typify how the credit union movement has united to remove
barriers that inhibit credit unions' success. Our unity empowers us, and
that's why our joint effort to remove barriers is so central
to credit unions' Unite for Good strategy for growth."
Therefore, credit unions should continue to
advocate by strengthening relationships with decision makers
through compelling stories of service and huge financial savings for consumers, which proved to be
key to recent successes in the State Legislature as well.
You can thank your members for their role in
our taxation advocacy thus far using The League's sample newsletter article.
If you have any questions, please contact Tom Liebe, VP of
Government Affairs, at (608) 514-0082.
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