NAFCU, Rep. Brady discuss tax exemption preservation

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National Association of Federally-Insured Credit Unions (NAFCU) officials recently met with House Ways and Means Committee Ranking Member Kevin Brady (R-TX) regarding tax exempt preservation, among other matters.

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NAFCU-member credit unions from Texas also joined the session, noting Brady has championed credit union causes and has played a role instrumental in protecting credit unions’ tax exemption, including in the 2017 Tax Cuts and Jobs Act.

The NAFCU cited its willingness to share with lawmakers independent tax study findings detailing the tax exemption’s value to the nation’s economy while consistently espousing the benefits of the tax exemption in the face of misleading banker attacks.

During the session, Texas-based credit unions shared how they have worked to support members facing financial hardships in the wake of the coronavirus pandemic, as well as how legislative proposals that could potentially add regulatory burdens would negatively impact the industry.

The NAFCU indicated it is advocating against proposals establishing postal banking or adding Community Reinvestment Act (CRA)-like burdens on credit unions – adding it would continue to meet with lawmakers to share the credit union difference while supporting policies allowing the industry to thrive and better serve its members.

The NAFCU is monitoring President Joe Biden’s proposals related to infrastructure, the economy, and fiscal year 2022 funding as a means of ensuring credit union priorities are addressed.

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