JULY 1, 2016
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  Fireworks Happy Independence Day from Georgia Credit Union Affiliates! Flag  
 
Hand State Law Review Meeting Tackles Issues of Importance to Credit Unions (Issue 1 of 5)
The Georgia Credit Union State Law Review Task Force met with the Department of Banking and Finance to review potential changes to credit union law, and to advocate for improvements to ensure a strong state charter option (and help alleviate compliance burdens).

 
     
  Tax Reform Discussions Continue at Both Federal and State Level (Issue 2 of 5)
Two U.S. Representatives released a paper discussing tax reform from individual and business perspectives, while a Georgia Senate tax-reform panel hearing focused on a potential shift in how the state's tax revenue is generated.

 
  Credit Unions in the District: Building Relationships with Legislators (Issue 3 of 5)
Two in-district events this week featured credit union outreach to federal and state legislators, illustrating the importance of building and maintaining relationships with lawmakers in order to protect and promote credit unions.

 
  Don’t Miss Out – Idea Institute Early Registration Ends Today! (Issue 4 of 5)
It's your last chance to save on registration for the 11th annual Idea Institute, scheduled for August 22-24.The event will feature insight, ideas and perspectives of credit union strategists and leaders from around the country.

 
  Credit Unions in the News (Issue 5 of 5)
The credit union message continues to spread, as evidenced by coverage of the industry in a wide range of media outlets, from newspapers to magazines to the broadcast media.

 
 
 
State Law Review Meeting Tackles Issues of Importance to Credit Unions (Issue 1 of 5)

MeetingOn June 17th, the Georgia Credit Union State Law Review Task Force met with the Department of Banking and Finance to formally review potential changes to credit union law, and to advocate for improvements to ensure a strong state charter option (and help alleviate compliance burdens). This Task Force composed of credit unions from around the state was organized to gain ideas, insight and traction for progressive changes, and look for opportunities to advance the state charter now and in the future. Topics addressed in the meeting with the Department included:

  • Analyzing fixed asset thresholds, limitations and how potential increases for credit unions could be obtained;
  • Exploring options to provide relief to small credit unions with the new audit requirements;
  • Identifying unnecessary red tape with credit union mergers;
  • Discussing how law could (or should) be clarified regarding which deposits from non-members are permitted;
  • Reviewing credit union regulations for clarification on specific employee benefits products;
  • Pursuing revisions to create the possibility for credit unions to lease space; and
  • Debating how field of membership enhancements could be achieved.

Enhancements to credit union law and/or regulation will continue to be pursued; at the close of the meeting the Task Force has assigned a subcommittee to analyze issues further. Next steps are to present potential changes to the Department for their consideration after the subcommittee has completed their review. Our thanks to the Department for the open dialogue, and their desire for credit unions to be a part of the process.

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TaxesTax Reform Discussions Continue at Both Federal and State Level
(Issue 2 of 5)

On June 24th, the U.S. Speaker of the House, Paul Ryan (R-WI), and House Ways and Means Chair Kevin Brady (R-TX) unveiled their sixth and final agenda paper, part of Ryan’s A Better Way issues agenda. The report outlines solutions to a number of current issues. Brady, who is also the leader of the Tax Reform Task Force, released the paper, which covers tax reform from an individual and business perspective. CUNA is reviewing the paper and continues to work with the Speaker and the task force to ensure that credit unions are not disadvantaged. The Ways and Means Committee expects to work on the blueprint for reform this year, with a goal of having it ready for legislative action next year.

Here in Georgia, the State Senate Finance subcommittee on Tax Reform has begun to re-engage, with the chairman of that committee, State Sen. Judson Hill (R-Marietta), hearing another presentation on June 24th from the Tax Foundation on how Georgia could shift to more of a sales- and use-tax base as opposed to an income-tax base. GCUA has monitored these hearings for the past three years and will continue to do so; however, any overhaul of Georgia’s tax system presently faces steep opposition from key statewide leadership due to how it could impact the state’s bond rating.

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Golf
U.S. Rep. Sanford Bishop, center, with representatives of Kinetic Credit Union
Credit Unions in the District: Building Relationships with Legislators
(Issue 3 of 5)

The week leading up to July 4th proved to be an excellent opportunity to grow connections with legislators, as both state and federal officials can often be found in the districts around the holiday. The importance of building relationships is often highlighted in Creating Influence – and for good reason, as the more legislators understand and have personal connections to credit unions from their home districts, the stronger the grassroots influence on issues. Two of the most recent credit union connections include:

  • On June 27th Kinetic CU represented all credit unions at a political event for U.S. Rep. Sanford Bishop (D-2). Rep. Bishop consistently signs on to federal legislation of importance to credit unions as he knows and understands the industry, and what it does to help his constituents. But this knowledge did not happen overnight or by accident, but rather from the consistent work of the credit unions in the district to build and foster an ongoing relationship.
  • On June 29th the leadership of Family First CU represented all credit unions at a political event for State Sen. Rick Jeffares (R-McDonough) and State Rep. Dale Rutledge (R-McDonough). Rep. Rutledge is a member of two committees that hear a large volume of issues that impact credit unions: the Judiciary Committee (lending/foreclosure issues) and the Ways and Means Committee (any and all tax bills) in the House. Sen. Jeffares serves as Chairman of the Regulated Industries Committee in the Senate, and both of these legislators are individuals with whom GCUA has been cultivating a relationship to assist in future lobbying efforts for credit unions. The involvement of Family First CU at their event helped put a face on the industry for these two legislators and furthered the connections!
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ClockDon’t Miss Out - Idea Institute Early Registration Ends Today! (Issue 4 of 5)

Don’t miss out: The early bird registration for the Idea Institute ends today. The 11th annual Idea Institute will be held from August 22nd through the 24th on Amelia Island. Participants will benefit from insight, ideas and perspectives of credit union strategists and leaders from around the country. Don’t miss this event that brings the great credit union minds together; register today at cuideainstitute.com.





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NewsCredit Unions in the News (Issue 5 of 5)

Credit unions continue to earn media coverage statewide and beyond. Whether it’s in a local newspaper, niche magazine or radio show, the credit union message is shared through a multitude of outlets across Georgia. Click here to see recent coverage of Georgia’s credit unions "In the News."

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