Credit Unions are a big topic among politicians lately regarding tax status. Banks are pushing for Congress to impose a tax on credit unions and because credit unions are member owned, that is essentially a tax on all credit union members.
As You Know: Credit Unions are a not-for-profit member owned cooperative. While credit unions are regulated by the federal and state governments, they are also governed by volunteer boards elected by their membership. Credit unions don’t answer to stockholders, but to each of their 96 million members.
The credit union mission has always been to ensure secure financial choices at lower costs for their members. That’s why credit unions offer financial products that provide better returns on savings, reduced rates on loans and lower or no fees on services.
What they are Saying: Banks and some in Congress want to raise taxes and impose new fees on 96 million credit union members who represent 40% of all Americans, yet represent only 6% of the assets in financial institutions. And, they want to do this despite the fact that credit unions are not-for-profit and meeting their core mission every day.
How You Can Help: You can take action today by letting your Congressmen know that you do not support the taxation of Credit Unions. Visit http://www.donttaxmycreditunion.org/ today to send your Congressmen an email saying “Don’t Tax My Credit Union.”
Don’t let Congress raise taxes on 96 million credit union members. Don’t let Congress eliminate real financial choice. Don’t let Congress destroy our credit unions.