Virginia CUs On High Taxation Alert
Simply put, Virginia's "taxation" alert is as high as the mercury on a Southside summer day. We are faced with a gaping budget deficit, a credit union field-of-membership case before the Virginia Supreme Court, and a newly issued regulation approving state-chartered credit union service to the "underserved." In addition, Virginia bankers have publicly expressed their disapproval of credit unions' tax exemption. Virginia's CUs remain strongly positioned to defeat a taxation challenge, because they have understood for a long time that legislative and regulatory success is a process, not a singular issue or event. Virginia's credit unions have worked hard to build personal relationships with their lawmakers, to demonstrate the "credit union difference" to their members, communities, and the elected officials who represent them, and to fund a strong and viable PAC to support pro-credit union candidates.