(please click ad for more information)

Current News

Relevant Information—For You, By You
L-R: Diana Kot, Vice President of Membership Development and Advocacy for SchoolsFirst FCU; Rep. Xavier Becerra, D-CA; and Josh Smith, Advocacy Officer for SchoolsFirst FCU

CONGRESSMAN HOLDS TOWN HALL EVENT
updated 08/14/13 10:59 AM
CU Tax Exemption Mentioned
August is here, which means members of Congress are on recess in their home districts across California, Nevada, and the entire nation. It's an important period credit unions can use to reaffirm the "Don't Tax My Credit Union" message to representatives in both states.

Three California credit union leaders recently attended a town hall meeting in Los Angeles hosted by Rep. Xavier Becerra, D-CA, where the credit union movement's tax exemption was briefly discussed in front of an audience of nearly 200 people.

"While Congressman Becerra did not say he would keep the credit union tax exemption off of the table in the upcoming October-November mark-up of tax reform legislation, he did say he believed in the credit union model," said Robert York, chief marketing officer for CalCom FCU, as he described Becerra's response to York’s question.

York added: "He said there are some very big credit unions across the country that could set the stage for a divide-and-conquer strategy, where credit unions above a certain asset size would be taxed while smaller credit unions would not be taxed."

The latter is a move that's already supported by the Independent Community Bankers of America (ICBA) "to create a war among credit unions," York said.

Becerra is on the House Ways and Means Committee, which is drafting a tax reform package. It may or may not include the credit union tax exemption. Becerra is also chairman of the Democratic Caucus, which makes him a key player in the credit union movement's fight to save its tax exemption.

Also attending the town hall were Diana Kot, vice president of membership development and advocacy for SchoolsFirst FCU, and Josh Smith, advocacy officer for SchoolsFirst FCU.

                           
print   email   share   share   share
                         

LEADERS ENGAGE WITH STATE LAWMAKERS updated 04/15/14 09:44 AM
Card Security a Hot Topic
Credit union professionals and volunteers took a stand for their members in Sacramento from April 7-8 during the California Credit Union League’s 2014 Government Relations Rally (GRR)—an event that attracted more than 75 attendees and helped build relationships with state legislators.

CO-OP ANNOUNCES SHAREHOLDER DIVIDEND updated 04/14/14 01:37 PM
Patronage Pool of $30.5 Million
CO-OP Financial Services has announced a shareholder dividend pool of $30.5 million for 2013—a 17 percent increase from 2012. Since becoming a credit union-owned cooperative in 1996, CO-OP’s total shareholder patronage has been $284.8 million.

DBO REPS ADDRESS 'CUOLI' INVESTMENTS updated 04/14/14 01:05 PM
State CU Update Given
California Department of Business Oversight (DBO) Commissioner Jan Owen and Deputy Commissioner of Credit Unions Erick Orellana gave attendees an overview of the department during the California Credit Union League’s 2014 Government Relations Rally (GRR) last week in Sacramento and welcomed questions from attendees.

CONGRESSMEN CONCERNED OVER RBC RULES updated 04/09/14 01:18 PM
Questions Arise During Hearing
Reps. Ed Royce, R-CA, and Brad Sherman, D-CA, questioned National Credit Union Administration (NCUA) General Counsel Mike McKenna on the effectiveness of the NCUA's proposed risk-based capital rule during a House Financial Services Committee hearing last week.