We are just days before thousands of credit union advocates across the country make their way to Washington, D.C., to speak with one voice for the People Helping People agenda. Even if you are not among those heading to Capitol Hill, you can stay connected to the movement’s efforts. We’ll be focusing our advocacy on three key priorities.
1- Preserving the Tax Status
With an initial budget framework having just passed the US House of Representatives, the fight to preserve our tax status is at its highest importance in over a decade. More than 4,500 credit unions nationwide depend on it to help return a 1,300% investment back to Americans, to the tune of $35.9 billion in both member and non-member benefits.
2- Board Modernization
The House has already passed The Credit Union Board Modernization Act by unanimous consent and Tennessee Senator Bill Hagerty has just re-introduced it to this new congress. Dropping the minimum number of board meetings for qualifying credit unions to six will free up staff time to focus serving members instead of constantly preparing for meetings.
We will thank our House delegation for supporting the bill, thank Senator Hagerty for sponsoring the Senate companion, and the movement as a whole will ask for passage.
3- Currency Transaction Report Modernization
Did you know that the current CTR reporting threshold for cash transactions ($10,000) has not increased since 1972? This outdated threshold has led to FINCEN receiving an average of 57,000 reports a day, a number that both overwhelms the agency and has been a large regulatory burden for credit unions. We support Congressman Loudermilk’s bill to raise the CTR threshold for reporting to $60,000.
Learn More
We invite you to learn more about key issues by reading the Advocacy Briefing Book [PDF]. Remember, we are all credit union advocates!
