Fairfax County Federal Credit Union CEO Joe Thomas took advantage of the Congressional August recess to meet with Rep. Frank Wolf (R-10) on Monday.
Wolf, a credit union member himself, co-sponsored the milestone Credit Union Membership Access Act (H.R. 1151) in 1998, demonstrated his usual caution when asked about supporting the credit union tax status if debate arises on the subject. He noted his past credit union support, but said he would have to see legislation before re-affirming support for the credit union tax exemption.
“I wouldn’t look to change the status but would have to look at the bill,” Wolf said, adding he believes in tax reform. He said there are only three special tax subsidies he supports unconditionally: the mortgage deduction, health insurance and charitable giving.
However, he doesn't see the tax reform issue gaining traction in October, even though its proponent, House Ways and Means Committee Chairman Rep. David Camp, has targeted that month for action.
Wolf expressed interest in two topics brought up by Thomas: supplemental capital and requiring merchants to shoulder more of the financial responsibility for data breaches.
Thomas also cited the heavy regulatory burden carried by credit unions, especially the smaller ones. He noted that his credit union has only one loan officer, but one and a half staffers for compliance.