Matz: Distinguish Your CU To Hold TaxExemption

LAS VEGAS - (07/19/05) -- NCUA Board member Deborah Matz, inthe final days as federal regulator, told more than 2,000 attendeesto NAFCU's annual convention credit unions should strive todistinguish themselves in serving the undeserved in order to retaintheir tax exemption. "You need to do everything you can todemonstrate that your credit unions are, indeed, earning your taxexemption and investing in your communities," said Matz, whose termon the NCUA Board expires next month. She urged credit unions toreach out to everyone within their fields of membership; to servethe unbanked; help renters but their first homes and providefinancial education to help borrowers better understand credit andbudgeting. Furthermore, Matz called on credit union executives toeducate members of Congress to emphasize the distinction thatcredit unions have in the financial services market. "The stakescould not be much higher," Matz told Las Vegas attendees. "Withhigh-powered players in Washington calling for credit unions to betaxed, what's at stake is the very future of creditunions."