REGULATING AGENCY: Utah Department of Financial Institutions
LEAGUE: Utah Credit Union Association
STATS: (As of Dec 2020)
- TOTAL # SCUs: 28
- TOTAL # FCUs: 32
- SCU % OF TOTAL (SCUS #/STATE TOTAL #): 47% of 60 UT CUs
- TOTAL $ SCU ASSETS: $2,138,840,346
- TOTAL $ FCU ASSETS: $37,794,115,320
- TOTAL ASSETS: $39,932,955,666
- SCU % OF TOTAL ASSETS (SCUS $/STATE TOTAL $): 5%
FUN FACT: The Heber Valley Railroad’s magnificent steam engine and ten passenger railroad cars have been filmed in over 31 motion pictures over the past 20 years.
March 12, 2021–Read the introduction and entire summary here.
Effort to tax a non-profit
Early in the session our contract lobbyists picked up a rumor that the senate president was going to stick it to Intermountain Healthcare by revoking their tax exemption. While not directly connected to us, it was entirely plausible that we, through our tax exemption, could get pulled into a public dialogue we would prefer to avoid. After a little more sniffing around, we connected with the senate president, who confirmed his intent—and who, I should state, has no intention of harming us. We had a chance to discuss our proximity concern and mentioned a few distinctions. We spent most of the session expecting that to unfold, and got word that the tax would eventually just apply to real property—something much less threatening to us. Ultimately, nothing materialized. That sort of gamesmanship and unexpected outcome is standard fare for lawmaking.
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