WASHINGTON–Congress has returned from recess and is back in session this week with budget reconciliation at the top of the to-do list and that, of course, has credit unions wary.

Jason Stverak, chief advocacy officer with the Defense Credit Union Council, said that on Monday the trade group sent a letter to every member of Congress on the need to protect the tax status of credit unions and on what the CU tax exemption means to military CUs and their ability to serve members. 

“We’re going to make hear that every single member of Congress and their appropriate staff member knows of the economic pitfalls that would that would hit their communities if the credit union tax exemption goes away,” said Stverak.

Hearings Being Monitored

Hearings on Capitol Hill that credit unions will be watching this week include:

• Today, Senate Committee on Finance: Hearing on nomination of Kenneth Kies to be assistant secretary of Treasury for tax policy. Kies has previously expressed opposition to the credit union tax exemption. Stverak said DCUC still has “reservations” about Kies and it will be monitoring as closely as possible any policy shifts at Treasury that might reflect alignment with Kies’ prior statements. 
• Wednesday, the House Committee on Financial Services Subcommittee on Financial Institutions will host  hearing titled, “Regulatory Overreach: The Price Tag on American Prosperity.”
• Tuesday, House Committee on Oversight and Government Reform hearing, :Tracking Progress: Updates to DoD’s Financial Management Scorecard”