Tuesday, May 14, 2013

N.C. credit unions lobbying Washington this week

A dozen North Carolina credit union executives are in Washington D.C. this week, spending most of their time lobbying lawmakers who are dealing with tax reform.

As not-for-profit entities, credit unions are exempt from corporate taxes. Banks aren't too happy with that, especially as credit unions have grown larger and expanded into more services. The tax exemption has also been raised by House committees and public policy groups working on tax reform.

Credit Union National Association CEO Bill Cheney has said keeping that tax exemption is his organization's top priority.

North Carolina's credit unions will be stressing their "critical difference in structure and purpose," N.C. Credit Union League spokesman Jeff Hardin told the Observer.

They'll also lobby on financial capital requirements, regulations and efforts to raise caps on their small business lending.