With the new tax bill signed into law now, there are still plenty of lingering questions around which segment of the population will benefit most, if the bill will create an economic boom, how the bill makes banks more competitive, and how different areas of the lending market will be impacted. And the answers to many of those questions will also determine whether credit union members – and subsequently credit unions themselves – will benefit or suffer from the reform legislation.
While credit union advocates may be wiping their brows now, Patrick La Pine, president and CEO of the League of southeastern Credit Unions, noted that that CUs should still be on their guard, since a tax reform clean-up bill is likely to come up this spring.
Higher-taxed banks will be “more motivated to be more grassroots slanted,” La Pine said. And that could lead to banks adopting some credit union lobbying tactics as a way to get not only the banking community engaged, but also getting bank customers involved in the legislative fight instead of just writing checks to professional lobbyists.
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