CUNA Chairman Juri Valdov didn't feel like the credit union faithful were reacting enthusiastically enough to politicians who voiced their support for the credit union tax exemption, so he decided to do something about it.
During his GAC address, Valdov said, "the next time somebody gets up here and tells you they support the tax exemption, I want you to stand up and cheer. That's why we're here."
In the meantime, successive politicians were told backstage they were guaranteed a standing ovation if they said they supported the CU tax exemption.
Having primed the pump at both ends, what ensued was a parade of standing ovations as lawmaker after lawmaker told the appreciative crowd what it wanted to hear.
After saying the magic words, U.S. Rep. Butch Otter (R-ID), confessed, "I was told backstage that if I said that, I would get a standing ovation. That's irresistible to a politician, so you may hear it four or five more times."
When long-time credit union friend U.S. Rep. Mike Oxley said he wasn't going to talk about tax exemption, the crowd-eager to give the soon-to-retire Oxley a standing ovation-was at a bit of a loss, until Oxley added, "there is no support for changing the tax-exempt status in the Administration."
