WASHINGTON – The credit union industry has been lobbying the powerful congressional committee charged with reducing the deficit, seeking to ensure that credit unions preserve their tax-exempt status.
The National Association of Federal Credit Unions reported that some of its $630,000 in lobbying expenditures in the third quarter of 2011 went toward lobbying the Joint Select Committee on Deficit Reduction, according to new public disclosures.
In addition, the Credit Union National Association reported that it lobbied on the law that created the so-called super committee.
Ryan Donovan, senior vice president for legislative affairs at the Credit Union National Association, said that his group has met with members of the super committee as well as committee staff. At a time when everything on the table as lawmakers seek to reduce the deficit, he said, credit unions want to ensure that Congress does not alter their tax status.
“It’s always the top issue for us,” Donovan said.
Meanwhile, none of the banking industry trade groups showed up
Dozens of interest groups from the health care and defense industries showed up on that list. That’s no surprise, because if the super committee fails to reach an agreement on at least $1.2 billion in deficit reduction, health-care and defense spending could be on the chopping block.
Other financial-services industry groups that reported lobbying related to the super committee were the Managed Funds Association, which represents hedge funds, and the Securities Investment and Financial Markets Association, which represents securities firms, banks, and assets managers.
