Representatives from the National Association of Federal Credit Unions met with White House officials on Tuesday to discuss the organization’s mission and the state of the credit union industry.
Just days before the meeting, NAFCU President and CEO Fred Becker sent a letter to President Obama in response to a push by the American Bankers Association to review the credit union tax exemption.
Becker pointed to a NAFCU-commissioned study that found removing the credit union tax exemption could cost the U.S. government $15 billion in lost income tax revenue over the next decade. The findings are similar to those of previous studies in Canada and Australia, where the number of credit unions was substantially reduced after taxation began.
NAFCU representatives met with Ari Matusiak, the special assistant to the president and director of private sector engagement, to discuss the importance of the tax exemption for credit unions.
Other NAFCU representatives present at the meeting included Dan Berger, the vice president of government affairs; Carrie Hunt, general counsel and vice president of regulatory affairs; and PJ Hoffman, regulatory affairs counsel.
“I was pleased with our productive meeting with Special Assistant Matusiak, which was a great opportunity to make NAFCU’s case for regulatory relief for the credit union industry,” Becker said. “Credit union lending is vital to our nation’s businesses and the economy as a whole, and we hope to work with the administration to give credit unions the ability to keep lending without the burden of overregulation.”