Advocacy means taking nothing for granted

This week saw a troubling example that despite the undeniable benefits of the credit union tax status, key policymakers still might be unclear on the mission and nature of credit unions.

Rep. Claudia Tenney, R-N.Y., while speaking at the American Bankers Association convention, questioned how credit unions gain members. She also used outrageously inaccurate terms about the credit union tax status – which generates $35 billion in benefits for members and non-members each year.

New York Credit Union Association President/CEO William Mellin and I reached out swiftly to provide her with the facts that prove the value of credit unions in the marketplace. We offered to meet with her face-to-face, and worked with the New York League to launch a grassroots action alert to ensure Rep. Tenney hears from her credit union constituents.

This is a valuable reminder to all of us as advocates.

The congresswoman is a member of the powerful House Ways and Means Committee. If she questions what credit unions do for the more than 140 million members to the extent of calling for a hearing on credit unions, that means we can’t assume policymakers know the role of credit unions. And with key provisions of the Tax Cuts and Job Act expiring at the end of 2025, we know a tax fight is ahead.

 

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