Sen. Wayne Allard (R-CO) joined a number of other lawmakers to pledge support for the credit union tax exemption during his speech before CUNA's Governmental Affairs Conference.
"Some call for the taxation of credit unions. It became an issue during my campaign," Allard said. "I oppose the taxation of credit unions."
Instead of imposing a tax on CUs, Allard called for reducing both taxes and regulations for all financial institutions to put them in a better position to grow.
Allard also touched on bankruptcy reform, bemoaning that last year's bill-"a reasonable compromise bill"-was killed by a "completely unrelated issue," a reference to the so-called Schumer Amendment, which sought to ensure that abortion protesters cannot shield their assets from court-ordered restitution via bankruptcy.
A member of the Senate Banking, Housing and Urban Affairs Committee, Allard said the panel will be reviewing regulatory relief for financial institutions and pointed out that the committee chairman, Sen. Richard Shelby (R-AL) supports reg relief.