At CUNA GAC, a key focus for the Northwest Credit Union Association and for the 250 advocates joining us from Idaho, Oregon and Washington is Senate Bill 2155. The Economic Growth, Regulatory Relief and Consumer Protection Act will right-size regulations so that credit unions can better serve their members. We’re appreciative of the leadership of Idaho Senator Mike Crapo, who chairs the Senate Banking Committee, for garnering bipartisan support for this bill. It passed out of committee and is working its way through the Senate with 26 co-sponsors –13 Republicans and 13 Democrats. Oregon Senator Ron Wyden also championed an important provision in this bill, which will correctly classify loans on non-owner-occupied buildings with one to four units, as real estate loans. This frees up capital for credit union business loans to Main Street, USA.
Of course, we and our member credit unions, year-round, vigilantly communicate the value that credit unions’ corporate tax exemption brings to the 6.5 million consumers who are members in the Northwest and across the country. This year is no different in terms of that focus.
As not-for-profit cooperatives, credit unions are uniquely positioned to return direct benefits to their members — which, in the Northwest alone, totaled over $618 million last year. That far outweighs the estimated revenue another tax on credit unions would generate for government spending. And credit union’s not-for-profit, cooperative structure, the value to members, and the impact to communities — is exactly what determines credit unions’ tax exemption — not the asset size, number of members, or financial products they offer.