Wisconsin played a big role in advocacy that affects credit union
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
"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
"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.
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