Legislation, News, Regulation

Support for credit union tax exemption grows among legislators

u.s. congressSen. Mike Enzi (R-Wyo.), as well as Reps. Steve Daines (R-Mont.) and Phil Roe (R-Tenn.), recently joined a chorus of lawmakers who have voiced their support for credit unions’ tax-exempt status.

During a meeting with the Mountain West Credit Union Association and credit union leaders in Wyoming, Enzi expressed his support for the credit union tax exemption. Rep. Daines expressed his support in a letter to the Montana Credit Union Network.

“Like you, I appreciate the important role that credit unions play for thousands of Montanans every day,” Daines said in the letter. “The service they provide to their members is particularly important to rural financing. I support the current tax exemption because credit unions are unique depository institutions that seek to meet the needs of their members rather than maximize profits.”

Roe expressed his support in an email to Olan Jones, the president and CEO of Eastman Credit Union in Kingsport, Tenn.

“In East Tennessee, credit unions play an important role by offering low-cost financial services to their primary shareholders: homeowners, families and small businesses,” Roe said. “I support maintaining this tax exemption in order to keep credit availability high and the cost of borrowing low for American families and entrepreneurs.”

Other lawmakers who have voiced support for the credit union tax exemption include Sens. Carl Levin (D-Mich.) and Tammy Baldwin (D-Wis.), as well as Reps. Rush Holt (D-N.J.), Keith Rothfus (R-Penn.) and Joe Pitts (R-Penn.).

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