Nussle gives insights into strategy to 'stay out' of tax bill
As lawmakers return to Washington, D.C., ready to tackle tax and budget writing, America's Credit Unions President/CEO Jim Nussle emphasized that the cumulative advocacy efforts that the organization, leagues, credit unions, industry allies and consumers have engaged in for months will make the difference in protecting credit unions' not-for-profit status.
"We believe two key messages of ours have gotten through: First, that credit unions do such a great job for their members in their communities with financial well-being, advancing small businesses. We have been effusive in everything from data to stories, to let them know why the credit union difference is so important," Nussle said in a new article in CUToday.
Nussle shared insights into how America's Credit Unions began preparing for this fight during last year's election cycle with its support of credit union champions.
The strategy was further refined after the election, and has continued to evolve as President Donald Trump and Congress have laid out priorities and gotten further into the process. The grassroots component of the Don't Tax My Credit Union campaign launched after the Governmental Affairs Conference.
Nussle highlighted the dozens of meetings America's Credit Unions, leagues, and credit unions continue to hold with House and Senate leaders and members of the House Ways and Means and Senate Finance Committees, who are responsible for writing the tax bill.
"We not only shared the positives about what credit unions do, we also tried to create a little bit of irritation regarding the fact we believe credit unions will be very involved in talking to members of his committee," Nussle said of the meeting with Ways and Means Committee Chairman Jason Smith, R-Mo.
“That's the whole thing—stay out of the bill. Do not become one of the ‘pay fors,’ as they are called, the things Congress is looking for to offset the extension of the Trump tax cuts,” he said. “...We want there to be enough Republicans in that private, members-only meeting to say we don't want credit unions to be one of the offsets, one of the pay-fors. And we don’t want large credit unions taxed—we don’t want credit unions of any size taxed.”
While the Ways and Means Committee is expected to meet as early as today, Nussle noted there is still much work ahead as the bill is drafted, negotiated, and voted on--potentially on the House floor by Memorial Day.
“We are on the precipice of this decision and we are not empty handed,” he said. “We have done the work at the national level. We've done it with the leagues and credit unions. We have done it across the board. You can always say, boy, I'd like to have done a little bit more here. Or, boy, I wish we could have convinced this member over there…But I feel very strongly about where we are right now.”
Don't Tax My Credit Union resources for credit unions and leagues are available on America's Credit Unions' website, and the campaign website also includes tools for consumers to engage directly with lawmakers.