WASHINGTON-More than 4,000 credit union representatives hit Capitol Hill last week to press Congress for relief from something new-interchange rules-and to explain something old-why credit unions have a federal tax exemption.
In town for CUNA's annual Governmental Affairs Conference, attendees heard from members of Congress and the Administration, and from pundits, heroes and regulators. The key issues were the Fed's implementation of Dodd-Frank, which will significantly affect interchange revenue, and concerns from CUNA that the large number of new members of Congress combined with the need to raise revenue and close the deficit could cause the eight-decade-old tax exemption to come under scrutiny.
