WASHINGTON, – The League of Credit Unions & Affiliates and some of its member credit unions said it joined the Trump Administration at the White House to discuss one of the president’s top priorities—the permanent extension of the 2017 Tax Cuts and Jobs Act. 

“Amid efforts to see the credit union tax exemption protected,” the League said it “proactively advocated for regulatory modernization and preserving the autonomy of the credit union industry.”

During the meeting, The League, which represents credit unions in Alabama, Florida, Georgia and Virginia, said it emphasized that credit unions, with their not-for-profit structure, reinvest earnings directly into their members and local communities. 

“Despite credit unions’ proven track record of community impact, the banking lobby has continued to press for increased taxation on credit unions,” the League said. “The League remains committed to pushing back on these misleading narratives and sharing the crucial role credit unions play in driving economic growth and advancing the financial independence of their members. On average, the economic output of credit unions is more than eight times the revenue that would be generated if credit unions were subjected to federal income taxes.”

A ‘Vital Role’

“The Trump Administration recognizes that credit unions play a vital role in their communities—empowering small businesses, bolstering economies through job creation and growth, and providing affordable credit to the more than 140 million Americans who rely on them,” League President Samantha A.M. Beeler, said in a statement. “We are grateful to the administration for their support of community-based credit unions—especially as banks leave rural communities and reject consumers based on ideological beliefs or political affiliations. We are hopeful to see another regulatory relief package like we did in the President’s first term.”

The League’s said it met with the White House Office of Legislative Affairs and Office of Public Liaison. Credit unions are in Washington for America’s Credit Unions’ GAC.

“As banks continue to close their doors to Main Street America, credit unions remain a beacon of financial freedom and opportunity for families and small businesses,” Grace Newcombe Colvin, VP-federal advocacy and strategy, said in a statement. “We are proud of the work of our members to serve consumers from every walk of life and financial background, and we appreciate the efforts of the Trump Administration to ensure that regulation serves consumers effectively while also encouraging innovation in the industry.”

The Representatives

Representing credit unions during this meeting were:

•  Richard J. “Rick” Skaggs, chair of The League Board and president and CEO of USF Federal Credit Union
• Jeff Bentley, assistant treasurer of The League board and president and CEO of Northwest Federal Credit Union
• Matt Brockelman, VP-government affairs at VyStar Credit Union
• Samantha Beeler, president of The League
• Grace Newcombe Colvin, VP-federal advocacy and strategy at The League.