"We need to be more aggressive in supporting those candidates who will support traditional banking," said Richard Sanborn, CEO of Seacoast Commerce Bank.
Friends of Traditional Banking now over 2,500 strong
With reaching over 2,500 members from all fifty states in August, Friends of Traditional Banking is on track to become the nation's fastest growing SuperPAC.
"The game has changed," said Richard Sanborn, CEO of Seacoast Commerce Bank and a director of FOTB. "I believe that there are way more friends of traditional banking out there, and when we inject significant dollars into a couple races next year everybody's going to notice and pay attention."
Friends of Traditional Banking's method is simply to grow a list of friends, identify two Congressional races key to banking to focus on in 2014, and to encourage their list to donate directly to those campaigns. "This is a tactic that works very well for a group like bankers," said Bradley Smith, former Federal Election Commission chairman and professor at Capital Law School. "They are sophisticated enough about politics to know what's going on," he said recently.
This is working! Please help us spread the word about Friends of Traditional Banking!
Freshman Wisconsin Senator wants credit unions to never pay taxes
Last week while meeting with leaders of the Credit Union National Association in Madison, Wisconsin, newly elected Senator Tammy Baldwin (D-WI) announced that she wants credit unions to never pay taxes.
Advocating for this uneven playing field with banks puts her at odds with policy stances of both the Independent Community Bankers of America (ICBA) and American Bankers Association (ABA). Banking leaders will be watching closely to see if Baldwin joins other credit union evangelists as a cosponsor of S 968, Sen. Mark Udall's bill to keep credit union tax exempt. Both ABA and ICBA oppose S 968.
FOTB founder's op-ed on credit unions and tax policy published
Howard Headlee, president of the Utah Bankers Association and one of the founders of Friends of Traditional Banking, shared his thoughts on potential tax policy in the August 22 edition of American Banker.
Titled Tax Reform Proposal Backs Credit Unions into a Corner, Headlee outlines how the "Blank Slate" tax reform proposal that has been initiated by the Senate Finance Committee and the House Ways and Means Committee has finally "put this outdated tax exemption in the proper perspective."
"I hope Congress will have the courage to stand up to every special interest that lobbies to save its sweetheart tax deal in order to lower taxes on everyone," advocated Headlee, who is the current treasurer of Friends of Traditional Banking. "Every American, not just bankers, has an interest in getting this right."