The NAFCU Journal July-August 2020 - 24

''

We remain focused on fighting any future attempts to
tax credit unions, because our country cannot afford the
negative impacts of slashing and burning the credit union
tax exemption.

"

- CHAD ADAMS, DIRECTOR OF POLITICAL AFFAIRS, NAFCU

Top Issues to Consider

Anuswith, Patterson and Shermot point
out that many legislators don't know
about the tax rules involving credit
unions, which is an example of why
members on all levels need to be
patient when explaining - and then
reexplaining - that issue. 

Chad Adams, director of political
affairs at NAFCU, says several major
issues should be top of mind for all
credit unions, but he agrees that legislators need to understand why the
tax exemption must remain in place.
"Preserving the credit union tax
exemption continues to be our top
priority," he says.  
Adams points out that NAFCU commissioned an independent study in
2017 to examine the benefits of the tax
exemption. "It was found that removing the credit union tax exemption
would lead to a $142 billion reduction
in GDP [gross domestic product], cost
the federal government $38 billion in
lost income tax revenue and cut nearly
900,000 American jobs over the next 10
years," he says. 
Adams and Shermot say legislation
important to credit unions can touch on
many other topics, including regulatory
relief and issues with data security and
privacy. Legislation can create regulatory
burdens that can be costly but not obvious, pulling time and resources away from
the core mission, so it is imperative that
those underlying issues are understood. 

Paul Revere Award

NAFCU recognizes advocacy efforts
each year with its Paul Revere Award,
which has gone to both Visions Federal
24

Credit Union and ABNB in recent years.
Visions won in 2019, receiving the award
at the association's annual Congressional
Caucus. ABNB won in 2017, with the late
Richard Losea, former board member and
treasurer, accepting for the organization.
According to NAFCU, to be considered
for the Paul Revere Award, candidates
must have:
been from a NAFCU-member
credit union;
■	 held at least two meetings during 2018
or 2019 with each of their members
of Congress (two senators and one
representative);
■	 responded to all NAFCU Grassroots
Alerts by completing the actions
requested, such as phone calls, emails
and letters to their lawmakers; and
■	 been in regular contact with NAFCU
for the most up-to-date legislative and
regulatory information.
■	

Shermot, Anuswith and Patterson say
the guidelines offer a target for all credit
unions, but their organizations often
exceed the minimum requirements. 

asset in the eyes of legislators, so the
lack of big budgets or large staffs
should not deter smaller credit unions.
"It makes a big difference when someone is taking their own personal time,"
Anuswith says. He strongly encourages
all credit unions, especially top officers,
to set up payroll deductions or other
systems that support advocacy efforts
at NAFCU. 
Shermot is responsible for the various
congressional offices across New York,
New Jersey and Pennsylvania, which
meant hitting more than 20 separate
congressional offices in the year she won
the award. 
"Getting to know the district director,
chief of staff and legislative staff is key in
being a resource to the legislator's office,"
Shermot says. "When you get a handwritten note from a congressman in New
York, you know you've made an impact,
and it's all worth it."
The experts also point out that the efforts
never stop.

Patterson and Anuswith say credit
unions - especially those far from
Washington - should take advantage
of opportunities to meet with legislators whenever they are in a service
area, which means watching calendars
for business meetings with chambers
of commerce or community groups.
Because they are in Virginia, it is easier
for them to travel to Washington, which
might not be the case for a credit union
out west. 

"Advocacy is a team effort, so everyone
needs to take credit, but there is much
more work to do," Shermot says. "We
have a robust plan for reaching out to
legislators this year, and helping our
staff get more engaged with advocacy is critical for 2020. Building on
our communications efforts and the
foundation from the previous year, we
feel we can have an impact and voice
in helping educate legislators to initiate
and advance forward-thinking bills
in Congress."

The fact that ABNB uses volunteers
with its advocacy efforts can be an

Thomas A. Barstow is a freelance writer
and editor based in York, Pa. 
THE NAFCU JOURNAL  JULY-AUGUST 2020



The NAFCU Journal July-August 2020

Table of Contents for the Digital Edition of The NAFCU Journal July-August 2020

The NAFCU Journal July-August 2020 - Cover1
The NAFCU Journal July-August 2020 - Cover2
The NAFCU Journal July-August 2020 - 1
The NAFCU Journal July-August 2020 - 2
The NAFCU Journal July-August 2020 - 3
The NAFCU Journal July-August 2020 - 4
The NAFCU Journal July-August 2020 - 5
The NAFCU Journal July-August 2020 - 6
The NAFCU Journal July-August 2020 - 7
The NAFCU Journal July-August 2020 - 8
The NAFCU Journal July-August 2020 - 9
The NAFCU Journal July-August 2020 - 10
The NAFCU Journal July-August 2020 - 11
The NAFCU Journal July-August 2020 - 12
The NAFCU Journal July-August 2020 - 13
The NAFCU Journal July-August 2020 - 14
The NAFCU Journal July-August 2020 - 15
The NAFCU Journal July-August 2020 - 16
The NAFCU Journal July-August 2020 - 17
The NAFCU Journal July-August 2020 - 18
The NAFCU Journal July-August 2020 - 19
The NAFCU Journal July-August 2020 - 20
The NAFCU Journal July-August 2020 - 21
The NAFCU Journal July-August 2020 - 22
The NAFCU Journal July-August 2020 - 23
The NAFCU Journal July-August 2020 - 24
The NAFCU Journal July-August 2020 - 25
The NAFCU Journal July-August 2020 - 26
The NAFCU Journal July-August 2020 - 27
The NAFCU Journal July-August 2020 - 28
The NAFCU Journal July-August 2020 - 29
The NAFCU Journal July-August 2020 - 30
The NAFCU Journal July-August 2020 - 31
The NAFCU Journal July-August 2020 - 32
The NAFCU Journal July-August 2020 - 33
The NAFCU Journal July-August 2020 - 34
The NAFCU Journal July-August 2020 - 35
The NAFCU Journal July-August 2020 - 36
The NAFCU Journal July-August 2020 - 37
The NAFCU Journal July-August 2020 - 38
The NAFCU Journal July-August 2020 - 39
The NAFCU Journal July-August 2020 - 40
The NAFCU Journal July-August 2020 - 41
The NAFCU Journal July-August 2020 - 42
The NAFCU Journal July-August 2020 - 43
The NAFCU Journal July-August 2020 - 44
The NAFCU Journal July-August 2020 - 45
The NAFCU Journal July-August 2020 - 46
The NAFCU Journal July-August 2020 - 47
The NAFCU Journal July-August 2020 - 48
The NAFCU Journal July-August 2020 - 49
The NAFCU Journal July-August 2020 - 50
The NAFCU Journal July-August 2020 - 51
The NAFCU Journal July-August 2020 - 52
The NAFCU Journal July-August 2020 - 53
The NAFCU Journal July-August 2020 - 54
The NAFCU Journal July-August 2020 - 55
The NAFCU Journal July-August 2020 - 56
The NAFCU Journal July-August 2020 - 57
The NAFCU Journal July-August 2020 - 58
The NAFCU Journal July-August 2020 - 59
The NAFCU Journal July-August 2020 - 60
The NAFCU Journal July-August 2020 - 61
The NAFCU Journal July-August 2020 - 62
The NAFCU Journal July-August 2020 - 63
The NAFCU Journal July-August 2020 - 64
The NAFCU Journal July-August 2020 - Cover3
The NAFCU Journal July-August 2020 - Cover4
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