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Senate Banking Committee Member to ABA: Drop Fighting CUs
Tuesday, March 28, 2017 6:40 AM

Sen. Mike Rounds (R-S.D.) spoke before the annual American Bankers Association government relations conference in Washington, DC, and told assembled leaders of the banking industry that they should end their decades-long fight to end the credit union federal income tax exemption. 

Rounds, who is in his first term in the U.S. Senate and serves on the Senate Banking Committee, told the ABA they would be wise to focus on regulatory relief, which is a goal shared by the credit union movement.

House Majority Whip Steve Scalise (R-La.) also spoke to the banker gathering. He said regulatory relief for financial institutions is tentatively scheduled for action on the House floor in the fall.

In Monday's Advocacy Update, Chief Advocacy Officer Ryan Donovan said CUNA would extend a hand to bankers if they would be willing to work together to ease the stranglehold of Dodd-Frank Act and other regulations on banks and credit unions. 

Ryan reiterated Rounds sentiments, saying that working together on common goals would be more effective than bankers using time and resources to attack credit unions.

Source: Removing Barriers Blog