Rep. Moran Warns Virginia CUs They’re “Never Closer to Taxation” than Now

CU Timers October 20, 2005 - 02:40 PM

RICHMOND, Va. — Virginia Congressman Jim Moran (D) didn’t mince words when he spoke at Legislators’ Night of the NoVa Chapter of the Virginia Credit Union League.

Speaking to 85 attendees at the event, Moran warned them he believes credit unions have never been closer to taxation.

“Credit unions have the most serious challenge ever to their financial viability now facing them in Washington. They have never been closer to taxation,” he said.

Citing Congress’ need to fund a growing budget, as well as the costs incurred from cleanup efforts from Hurricanes Katrina and Rita, and the War on Terror, Moran said, “They have got to find revenue enhancers, and they are going after credit unions. The bankers feel they are close to taxation of credit unions, at least the larger ones. There are a number of large credit unions in Northern Virginia, and they are on the chopping block.”

Virginia Credit Union League President/CEO Rick Pillow said Rep. Moran’s comments “only confirm what we’ve feared…It’s more important than ever that our credit unions and their member-owners contact Virginia’s Congressional delegation and fight for the continuation of the credit union tax exemption.”