WASHINGTON–The Senate Finance Committee has voted to advance the nomination of Kenneth Kies, who has been a critic of credit unions in the past, to be the assistant secretary of the Treasury for tax policy.
Kies has previously expressed opposition to the credit union tax exemption.
“When banks hold over 91% of assets, and have since the existence of credit unions, it is impossible to claim that credit unions provide any real competition to banks,” America’s Credit Unions’ President and CEO Jim Nussle said in a statement. “Credit unions are integral to strong local economies—their not-for-profit status is proven to make financial services more affordable for all. A recent survey from J.D. Power shows consumers trust credit unions, including large credit unions, more than banks. Revitalizing communities is a priority for the Trump Administration, and preserving credit unions’ tax status is smart policy to accomplish this goal.
Credit Unions Not ‘Called Out’
“It’s important to note that Kenneth Kies did not specifically call out credit unions in his responses to the Senate Finance Committee related to tax policy ensuring a level playing field, and we continue to engage with nominated officials to ensure they have the facts about the credit union difference,” Nussle added.
In an interview a day ahead of the hearing, Jason Stverak, chief advocacy officer with the Defense Credit Union Council (DCUC), had said the organization had “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
DCUC Hosts Town Hall with Emmer
Separately, the DCUC hosted a town hall discussion with Rep. Tom Emmer (R-MN), who is the U.S. House Majority Whip.
The virtual discussion covered critical topics, including Emmer’s insights on digital asset regulation, financial services priorities in the House, bipartisan legislative efforts, and how credit unions can effectively advocate in Washington, D.C.
“America’s credit unions play a key role in serving our communities and supporting our small businesses,” said Emmer. “I was glad to join this conversation with the Defense Credit Union Council and look forward to continuing to work with them to bolster our Main Street financial system as we advance policies that increase financial opportunities and strengthen the economy for all Americans.”
‘Vital Connection’
Added DCUC President and CEO Anthony Hernandez in a statement, “We were thrilled to have Majority Whip Emmer speak to our member credit unions and system partners. His participation highlights the vital connection between policymakers and credit union leaders, and his valuable insights are helpful as we shape our strategies and work to strengthen the financial well-being of military families and communities across the country and overseas.”
