|Senate Finance Committee Chairman Max Baucus, D-MT|
FEDERAL TAX REFORM HEATS UP
updated 11/05/13 09:40 AM
Draft Legislation Looms
Since April, the California and Nevada Credit Union Leagues and Credit Union National Association (CUNA) have been warning credit unions that Congress would begin a massive tax-reform overhaul in the months ahead. It appears the process is about to formally begin.
Senate Finance Committee Chairman Max Baucus, D-MT, is telling news reporters that his committee is close to releasing a framework—as well as a first draft—for reforming the U.S. tax code.
According to several reports from Bloomberg Government and The Hill (click here to view The Hill story), Baucus plans to release a discussion draft as a tactic to push forward on tax reform.
For credit unions, this means moving to a higher state of action. In order for credit unions to ensure they are not included in those drafts, credit union supporters need to speak up and speak loudly—and now.
"One hundred thousand contacts sent to a senator in a day, and 10,000 sent to a member of Congress—that’s the type of attention it will take to get a response,” said Bob Arnould, senior vice president of advocacy for the Leagues.
He added: "While many media outlets are reporting that the odds of passing tax reform during the remainder of this congressional session are slim, credit union supporters need to be reminded that if the outcome of these draft bills is negative for credit unions, we will be forced to switch from a proactive legislative agenda to a responsive one. Credit unions will then be dragged into an all-out war to protect our tax status, without any gains on charter enhancements, such as the member business lending cap or supplemental capital."
California and Nevada credit unions have sent more than 240,000 contacts to Congress as part of the national effort launched by CUNA earlier this year. Nationally, 1.2 million contacts have been made. That’s 1.2 million out of potentially 96 million members.
What can credit unions do? Engage your members through a direct e-mail solicitation, and ask them to visit Connect For The Cause to send a letter to their member of Congress and senator.
Or call 877-642-4223 (toll free) and tell your member of Congress: "Don’t tax my credit union."
FIELD OF MEMBERSHIP (FOM) RULE updated
02/04/16 09:12 AM
More Congressional Action
As reported yesterday in the California and Nevada Credit Union League's Advocacy Blog, Rep. Doug LaMalfa (R-Chico) has sent the attached support letter to the NCUA for their Field of Membership rule.
ONLY 7 DAYS TO COMMENT ON PROPOSAL updated
02/02/16 07:04 AM
NCUA's Field-of-Membership Rule
The countdown is on as the Feb. 8 (Monday) deadline approaches for federal and state chartered credit union leaders to submit comments supporting the National Credit Union Administration’s (NCUA) Field-of-Membership (FOM) proposal.
CEOs SOUND OFF ON NCUA'S PROPOSAL updated
02/01/16 03:36 PM
Urge Peers to Comment on FOM
California credit union CEOs are sounding off as the deadline approaches (Feb. 8) to comment on the National Credit Union Administration’s Field-of-Membership (FOM) proposal—one that will update rules to reflect marketplace changes and give the industry a broader menu of flexible options for remaining competitive.
UNCLAIMED PROPERTY AND 'PACE' REFORM updated
02/01/16 01:47 PM
Rounding Out CA Legislative Goals
Threats to credit unions are already being spotted on the horizon by the California Credit Union League’s advocacy team as the state legislature’s Feb. 19 deadline to introduce new legislation looms.
ANNUAL PRIVACY NOTICES updated
01/29/16 11:47 AM
As reported in the League's Advocacy Blog, after the release of the NCUA Letter to Credit Unions, #16-CU-03, about privacy notices, the California and Nevada Credit Union Leagues took action to clarify applicability to state laws. The NCUA letter addressed the recent federal law change on annual privacy notices related to Gramm-Leach-Bliley that states that when a financial institution meets certain statutory requirements, it no longer must send annual privacy notices.
CU LEADERS MEET WITH LEGISLATOR updated
01/29/16 05:09 PM
Asm. Kim Tours Credit Union
As reported earlier today in the California and Nevada Credit Union League's Advocacy Blog, Southern California credit union leaders met with Assemblywoman Young Kim (R-Fullerton).
CU LEADERS MEET WITH ASSEMBLY MEMBER updated
01/28/16 01:47 PM
Portantino Running for Senate
As recently reported in the Leagues Advocacy Blog, credit union leaders met with former member of the Assembly, Anthony Portantino, who served from 2006 until being termed out in 2012. Prior to his time in office, he spent many years working in film and television production and is currently is a Visiting Fellow teaching Values Based Political Leadership at USC.
COMMENTS NEEDED: NCUA'S FOM PROPOSAL updated
01/26/16 10:06 AM
Deadline is February 8
With less than two weeks until the comment deadline of Feb. 8, it is crucial the National Credit Union Administration (NCUA) hear from credit unions in support of the proposed chartering and field-of-membership (FOM) amendments.
LEAGUE'S 2016 CA LEGISLATIVE AGENDA updated
01/26/16 09:10 AM
Charter Modernization, CUSOs, LICU
The final year of the two-year state legislative session (2015-2016) in California is here, and the California Credit Union League’s advocacy team is primed to roll out a robust legislative package.
ANAHEIM DUCKS HONOR RICHARD JOHNSON updated
01/21/16 03:09 PM
Recognized For Military Career
Before Richard Myles Johnson was a credit union industry icon, he was a Marine. He joined the U.S. Marine Corps in 1941. He ended his military career as a colonel in 1972. Along the way, he amassed a vast number of ranks, honors, and awards, including the Bronze Star and Purple Heart.
FINANCIAL OPPORTUNITY: TWO TALES updated
01/19/16 10:40 AM
CUs Can Take Pulse of Econ. Mobility
As financial “opportunity” for low and middle-income Americans is debated leading up to a national election this November, many within the credit union industry can take a pulse of their members’ financial health and how economic changes are shaping that opportunity.
ROYCE HELPS FORM COOPERATIVE CAUCUS updated
01/19/16 07:18 AM
Business CO-OP: Focus on Legislation
Last week Rep. Ed Royce, R-CA (Brea), joined Rep. Mark Pocan, D-WI, to found the Congressional Cooperative Business Caucus. With Royce’s dedication and expertise in credit unions, it comes as no surprise he is chairing a new caucus to focus on legislation that impacts cooperative businesses.
FIELD OF MEMBERSHIP RULE updated
01/13/16 10:53 AM
CA Congressman Gives Support
California Congressman Ted Lieu (D-El Segundo) has just sent the NCUA a support letter in favor of their Field of Membership Rule. In his letter, Rep. Lieu endorses for several of the provisions in the rule (letter linked below).The League has been working with our congressional delegation to ensure there is overwhelming support for this rule.
RMJ TO BE HONORED AT HOCKEY GAME updated
01/13/16 01:59 PM
Recognized as Armed Services Vet
Richard Myles Johnson— who joined the credit union movement after finishing a 30-year career in the United States Marine Corps, where he retired as a colonel—is scheduled to be recognized as the honored armed services veteran by the Anaheim Ducks hockey team at its home game Wednesday, Jan. 20.
FHLB MEMBERSHIP updated
01/12/16 12:51 PM
Final Rule Issued
Today the Federal Housing Finance Agency (FHFA) issued their final rule on Federal Home Loan Bank (FHLB) membership. After receiving over 1,300 comment letters—an unprecedented amount, with most in opposition—the FHFA’s final rule does not include two provisions for which the Leagues strongly opposed. That is, the final rule does not require financial institutions to hold one percent of their assets in home mortgage loans and 10% of assets in residential mortgage loans (RML) on an ongoing basis.
TARGET SETTLEMENT DETAILS updated
01/12/16 10:34 AM
Available on New Website
Credit unions have begun receiving email and paper mail directing them to a dedicated website that offers information on the Target data breach litigation, including settlement terms, important dates, frequently asked questions, information on filing a claim, directions for opting out, court and settlement documents, and contact information.
CO-OP CEO STAN HOLLEN TO RETIRE updated
01/12/16 09:39 AM
More Than 10 Years at CUSO
In a landmark moment for the nation’s largest credit union service organization, CO-OP Financial Services (based in Rancho Cucamonga, CA) announced this morning that President and CEO Stan Hollen will retire on May 31, 2016.
MATZ TO MEET CA-NV LEADERS AT 'GAC' updated
01/12/16 08:05 AM
Plus, Upcoming Regulatory Webinar
California and Nevada credit union leaders will have the opportunity to engage with National Credit Union Administration (NCUA) Board Chairman Debbie Matz during an exclusive meeting arranged by the California and Nevada Credit Union Leagues at the upcoming 2016 Governmental Affairs Conference (GAC).
CA CONGRESSMAN PREPARES TAX REFORM updated
01/11/16 02:59 PM
Credit Union Tax Status Honored
As first reported on the California and Nevada Credit Union Leagues’ Advocacy Blog last week, Rep. Devin Nunes, R-CA (Tulare), has been drafting a comprehensive tax reform package which will honor the credit union tax status.
CUs4KIDS 20 YEAR CMN PARTNERSHIP updated
01/08/16 01:40 PM
Raised $150M in Donations
This year, Credit Unions for Kids celebrates 20 years of fundraising for Children’s Miracle Network Hospitals (CMN Hospitals), a collaboration that has yielded more than $150 million in donations.
CA-NV LEAGUES CELEBRATE ANNIVERSARY updated
01/05/16 10:40 AM
Successful Partnership of 20 Years
A strategic partnership beginning Jan. 1, 1996 is still proving to be a “win win” for credit unions in Nevada and California as the collaboration’s anniversary was recognized this past Friday.
FinCEN RULE COULD COST CUs MORE updated
01/05/16 07:55 AM
Submit Comment Letters by Jan. 25
In 2014, the Financial Crimes Enforcement Network (FinCEN) issued a proposed rule to “clarify and strengthen customer (member) due diligence (CDD) obligations” of financial institutions, including credit unions.
CA LEAGUE HIGHLIGHTS ADVOCACY AGENDA updated
01/05/16 07:28 AM
State Charter Modernization Legislation
As both houses of the California Legislature reconvened for the first session of the new year after a three-month recess, the California Credit Union League’s legislative agenda for 2016 is being centered around a state credit union charter modernization bill package.
CREDIT UNIONS EXEMPTED FROM TAX BILL updated
01/05/16 02:46 PM
Rep. Nunes Updates Legislation
California Congressman Devin Nunes (R-Tulare), a senior Member of the Ways & Means Committee which governs federal taxes is scheduled to introduce legislation updating the nation's tax policy. As a matter of offsets, he has included a financial institutions transaction tax. After speaking with CUNA and the CA/NV Leagues, Rep. Nunes has updated his draft legislation to specifically exempt credit unions from the bill (pictured).