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  • Sponsored article: Traditional credit unions deserve celebrating
    		•

    News Highlights
    Atomic Safety Licensing Board ruling deals Utah a blow in N-waste fight (Salt Lake Tribune and Deseret Morning News), but the dissenting vote in the 2-1 ruling may give state ammunition for future battles (Morning News).

    IHC, lawmakers, agree to compromise and two-year study (Tribune and Morning News).

    Things looking better for Hill Air Force Base (Morning News). Rep. Rob Bishop discusses HAFB future with constituents (Standard-Examiner).

    Noxious right-wing group "Accountability Utah" distributes flier comparing Sen. Howard Stephenson to Osama bin Laden (Tribune).

    Quote of the Day
    “The 2005 Legislature will likely be remembered, if remembered at all, as the year of the big bucks. . . . Never before in the state's history has the part-time Legislature seen so much new money.”

    -- Political columnist Bob Bernick (Morning News).
    Friday Buzz
    Compiled and Written by LaVarr Webb

    The governor’s chief of staff, Jason Chaffetz, got the attention of House conservatives with some comments reported by the Tribune. Read about it in Rep. Steve Urquhart’s blog.

    National Politics
    Massachusetts Gov. Mitt Romney is taking flak in Boston (see story) for his frequent trips out of state (including his visit to Utah today for the Salt Lake County GOP Lincoln Day dinner). The Boston Globe continues to watch and report on every move that appears to indicate he’s running for president. Romney says he will seek re-election in 2006, but some observers are expressing doubts, questioning whether he can win a tough re-election fight and also run for president.

    Communications Tip
    Use a Variety of Communications Channels
    Most political failures are failures of communications. But in communicating to their important audiences, many policymakers think too narrowly about how to deliver their messages. Once a policymaker has thought through objectives, messages, and audiences, there are many ways to deliver the message, including the following:

    Paid media

    • Television ads
    • Radio ads
    • Newspaper ads
    • Internet ads

    Earned media (free media)

    • Press release
    • Press conferences
    • Tip/brief one reporter/outlet
    • Rallies Events, speeches
    • Desk-side briefings
    • Letters to editor
    • Op-ed pieces
    • Radio talk shows

    Direct to consumer

    • E-mail newsletter
    • Printed newsletter
    • Web site
    • Weblog
    • Association or special interest newsletter
    • Direct mail to homes
    • Speeches before service clubs, etc.
    • Neighborhood meetings
    • White paper/in-depth analysis

    Thursday Late Night Humor
    Jay Leno
    -- Well folks, it’s official. We have just set a new all-time record for rain here in California. A new record and we did it without steroids.
    -- President Bush is still in Europe. He brought along a team of interpreters with him…you know, just like he does when he travels across America.
    -- President Bush denying reports that he has plans to invade Iran. Oh, we’ll invade all right, we just don’t have any plans. Just like the Iraqi thing. We’ll figure it out when we get there.
    -- Actually, President Bush has had a great trip to Europe. He wanted to stay longer but with the falling dollar we can't afford it.
    -- Speaking of sports - spring training has begun down in Arizona – the so-called Cactus League. You know why they call it the Cactus League? Because of all the needles.

    Conan O’Brien
    -- Today President Bush had a meeting with Russian President Vladimir Putin. The meeting had two translators, and they still had a rough time. Mainly trying to figure out the translation for "okie dokie”.

    Sponsored article: Celebrating Traditional Credit Unions
    (Reprinted from the Feb. 24 edition of CSTP Update)

    By Hugh Matheson
    President, Council for Sound Tax Policy

              In recent weeks, the NCUA has approved charters for three traditional, low-income credit unions: Pacoima Development Federal Credit Union in Pacoima, California; Choices Federal Credit Union, serving St. Louis, Missouri; and the faith-based Love Gospel Assembly Federal Credit Union in Bronx, New York.

              We at the Council for Sound Tax Policy celebrate the contribution of such traditional credit unions in their communities and the lives of their members. Since the Great Depression, traditional credit unions have helped low-income individuals and families obtain credit not readily available through other means.

              As a February 1 NCUA press release stated, “Credit unions exist to serve their member-owners ... Members of each credit union share a ‘common bond’ such as being employed by the same company, belonging to the same organization or church or living in the same community.”

              Each of the three new low-income credit unions meets these criteria, and their charters are in line with the reasons Congress originally granted tax-exempt status for credit unions during the Great Depression. Traditional credit unions deserve our support and tax-exempt status.

              Unfortunately, formation of these three new credit unions will not offset the troubling counter-trend toward consolidation among credit unions. Credit unions are disappearing at the rate of 42 per month, most of which are small, traditional credit unions. Many are being assimilated by large, aggressive-growth credit unions that no longer fulfill the role for which traditional credit unions were granted their well-deserved tax-exempt status.

              This new breed of large, growth-oriented credit unions has abandoned the role and practices of traditional credit unions. Such institutions choose instead to pursue a strategy of growth for its own sake, marketing aggressively and focusing on middle-and-upper income businesses and individuals for whom credit is already plentifully available. The bloated charters they seek extend far beyond any reasonable boundaries of “common bond,” in some cases encompassing multiple counties and even crossing state lines. Increasingly, courts and lawmakers are beginning to question such aggressive charters.

              In CSTP’s estimation, there is nothing inherently wrong with the new emphasis of these aggressive credit unions. They serve legitimate business purposes. They are simply no longer behaving as traditional credit unions, and no longer warrant tax-exempt status. Tax exemptions for these organizations erode the tax bases of the communities that are driving their growth, threaten the livelihood and existence of traditional credit unions, and place an unfair and unnecessary tax burden on tax-paying individuals and organizations.

              These aggressive-growth credit unions should either convert to bank charters, as a growing number are seeking to do, or contribute to the tax base of their local communities, as successful credit unions already do in Germany and Canada.

              For instance, VanCity Credit Union of Vancouver, British Columbia last week reported record earnings of CAD $93.6 million (USD $75.6 million) while carrying an effective tax load of 22% of earnings. When Canadian credit unions accepted taxation in 1972 many restrictions were removed, allowing them to expand their coverage and range of services. (VanCity even owns a subsidiary bank.)

              VanCity’s success should be a model for their counterparts south of the border. Indeed, as one prominent Canadian credit union official famously told a group of U.S. credit union leaders on the subject of taxation: “Take your medicine. It’s not that bad.”

              So, congratulations to the three new, true credit unions in Pacoima, St. Louis and the Bronx. And to the management of U.S. credit unions who want to continue expanding and competing against taxpaying institutions, I say “take your medicine” and go get ‘em!

              (Sponsored by CSTP)

     

    		  

    Friday
    February 25, 2005

    Boston Globe
    - As his calendar fills, Romney downplays trips

     

    Salt Lake Tribune

    - Salt Palace bill is down, but not out

    - Court says so-called hate-crimes law is constitutional

    - Rolly: Lobbyists in trashy contest

    - Health care funding for poor children OK'd by House

    - Utah loses key battle over N-waste

    - House votes to put $4.5M aside for vet nursing home

    - Debate set for today on tuition tax credits

    - Attack compares senator to terrorist

    - Despite concerns, House signs off on plan to regulate online porn

    - Compromise gets IHC off hook

    - Specter promoting Hatch's asbestos compensation plan

    - Cruelty bill treads careful line

    - S.L. County Council chided for behavior at hearings

    - Editorial: Treat the sick

    - Editorial: Reality of abuse

    Standard-Examiner
    - House OKs vets home funding 67-0

    - BRAC: Legislator's town meetings bring issues to forefront

    - Utah teachers deemed qualified

    KSL Editorial Board

    - Another viewpoint -- IHC

    Deseret Morning News

    - Bush's budget may mean Hill is safe for now

    - Goshute plant clears blocks

    - Member's dissent in ruling gives Utah some ammunition

    - IHC dodges 3% tax

    - MAG seeks to address county's concerns

    - Cities rush plans as moratorium of one year looms on RDA funds

    - Licensing-fee increases to bring in $2.3 million

    - Legislators hiring staff, dishing out pay raises

    - Street protester bill yanked

    - House is expected to alter tuition tax-credit bill

    - Drug Offender Reform Act in jeopardy

    - House OKs increasing penalties for animal cruelty

    - GOP kills airing of minority reports

    - Racial commission's move to governor's office supported

    - High-tech bill advances despite funding doubts

    - Chris Cannon opens office in W. Jordan

    - Hatch vows to get Griffiths on bench

    - Bob Bernick Jr.: Few issues remain for 'big bucks' Legislature

    - Editorial: Give states Medicaid latitude

    Political Calendar

    Please submit calendar items to Daily@UtahPolicy.com

    - Feb 25: Massachusetts Gov. and 2008 presidential hopeful Mitt Romney speaks at Salt Lake County Republican Lincoln Day Dinner, 7 pm, Little America Hotel. For ticket information see: www.lincolnclub.net.
    - Feb 25:  Weber County Lincoln Day Dinner.
    - Feb 25:  Carbon County Lincoln Day Dinner with Lt. Governor Gary Herbert, 6 pm, Price Holiday Inn, $30/person.
    - Feb 25: Bonding bill available to legislators by noon and final action taken on it by calendared closing time.
    - Feb 25: Last day to pass bills with fiscal note of $10,000 or more.
    - Feb 27: Last day to consider bills from own house.
    - Feb 27: Last day for a motion to reconsider.
    - Feb 28: General appropriations bill, supplemental appropriations bill, and school finance bill available to legislators by calendared floor time and final action taken on each bill by calendared closing time.
    - Mar 2: Second supplemental appropriations bill available to legislators by calendared floor time and final action taken by noon.
    - Mar 2:  2005 legislative session ends.
    - Mar 5:   Libertarian Party Utah County Meeting, 10 am to 12 pm, Golden Corral, 225 West University Pkwy, Orem. 
    - Mar 4:  Box Elder County Lincoln Day Dinner with Lt. Governor, Gary Herbert 6 pm, Maddox Lodge.
    - Mar 12:  Davis County Democrats “No Host” breakfast/monthly food drive, 8:30 am, Grannie Annie’s restaurant, 286 N 400 W, Kaysville.  The public is invited and everyone is asked to bring a non-perishable food item to benefit the food banks in Davis County.
    - Mar 22:  Last day governor may sign or veto bills.
    - Mar 22: Green Party of Utah Roots Local Monthly Meeting, 12 pm, Sprague Library, 1100 E 2100 S.
    - Mar 24: Libertarian Party Salt Lake County Meeting, 7 pm, Bohemian Brewery & Grill, 94 E 7200 South, Midvale. 
    - Mar 26:  Republican Women Federation Fundraiser and Auction, "Heroes of the Heart,"  5:30 pm, McKay Events Center, UVSC, Provo.  Speakers: First Lady Mary Kaye Huntsman and Sen. Orrin Hatch.  For more information, please contact Suzanne Merrill - 801-796-0831.
    - Apr 2:   Libertarian Party Utah County Meeting, 10 am to 12 pm, Golden Corral, 225 West University Pkwy, Orem. 
    - Apr 9:  Davis County Democratic Party Organizing Convention, 11 am, Farmington Jr. High School,150 S. 200 West, Farmington.
    - Apr 13: Garfield County Republican Convention, 4 pm Teenage Republicans Convention, 6 pm County Convention and Dinner featuring former Gov. Olene Walker, Escalante High School.
    - Apr 19:  Tooele County Republican Convention, 7 pm, Tooele Health Department, 151 N Main St. 
    - Apr 23:  Davis County Convention, Davis County Conference Center
    - Apr 23:  Morgan County Convention
    - Apr 23:  Washington County Convention, Gardner Conference Center
    - Apr 26:  Green Party of Utah Roots Local Monthly Meeting, 12 pm, Sprague Library, 1100 E 2100 S.
    - Apr 26:  Salt Lake County Republican Party Lincoln Club Awards Banquet, Little America Hotel. 
    - Apr 28:  Constitution Party National Executive Meeting, Best Western Garden Inn, 154 West 600 South, Salt Lake City.  Open to the public for observation - seating very limited. 
    - Apr 30:  Libertarian Party of Utah Convention and Annual Memorial/Awards Dinner.

    - Apr 30:  Salt Lake County Republican Convention
    - Apr 30:  Utah County Republican Party Organizing Convention, 7 pm, Canyon View Junior High, 950 N 700 E, Orem.
    - May 1: Last day a veto-override session may begin.
    - May 2: Normal effective date for bills.

     

    - See the entire calendar

    Elected Officials Birthday List

    Utah Policy Daily is a service
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    Publisher: LaVarr Webb
    Editor: Paul Hollingshead
    News: Golden Webb
    Calendar and Subscriptions: Luci Webb