Pub. 3 2014 Issue 3

April 2014 27 l e a d i n g a d v o c a t e f o r t h e b a n k i n g i n d u s t r y i n k a n s a s When the winds of change start blowing, you better have a warm jacket. Or a good bank. Client: Intrust Ad Title: Correspondent - Windmill If recent regulatory changes have affected the services you provide your customers, adapt and persevere by partnering with INTRUST Bank. As the Midwest-based bank with big capabilities, INTRUST Bank is your trusted source for correspondent banking services. Contact any member of our team today, and learn what we can do for you. intrustbank.com Member FDIC I ©2014 INTRUST Bank 800-732-5120 | Bruce Frost 316-383-1418 | Dan Heinz 316-383-1415 | Wes Spohr 316-383-1368 27925_Correspondent_7_5x5_KansasBanker.indd 1 12/13/13 3:22 PM did not put the credit union and Farm Credit System tax breaks on the table when he unveiled a draft tax reform bill in February. But the bill is just a starting point. We know the conversation will continue into the next Congress — perhaps beyond — and ABA will make sure community banks’ tax-subsidized competitors are part of it. Bankers, too, will need to stay engaged. The credit unions rally their troops easily by painting this as a life-or-death issue. Of course, it is not. We know it is possible to both pay taxes and stay in business. But they have a sense of urgency, and so should bankers. The Office of Management and Budget recently estimated that the forgone tax revenue from the credit union tax exemption will amount to $3 billion annually by fiscal year 2019. The subsidy is growing because credit unions are. We need to work together to make sure policymakers understand the implications — and fundamental unfairness — of that. E-mail Frank Keating at keating@aba.com © 2014 American Bankers Association. All rights reserved. Reprinted with permission.