On Wednesday, the Congressional Budget Office (CBO) presented a list of revenue options to the House-Senate Budget conferees. Among the options was a potential tax on "large credit unions," taxing them the same way as thrifts. The option did not indicate a definition of "large credit union" and this recommendation is added to reports on an annual basis.
League sources in Washington, D.C. say that the options are being considered as discussion items, not formal recommendations. They also noted that the CBO referred to this as part of prior recommendations, not as a new item, and gave no indication that the options are being accepted by members of the conference.
This is a clear example of how credit unions cannot take things for granted. While many of our congressional members are extremely supportive of our efforts, there are certainly efforts to utilize tax reform to levy a tax on "large credit unions." If successful, this will only be a starting point and will be a sign of strength for the bankers; particularly when they continue the effort to tax all credit unions.