If you’re as passionate about helping others as we are, doing just a little can go a long way in helping us best serve you! We are constantly looking for better ways to serve our members and our communities and staying in front of government regulations affecting credit unions and our members is an important part of that. Your voice has power and our elected officials understand that. We encourage you to join us in letting our elected officials know the effects of their regulations and demand action.
A tax on credit unions is a tax on me.
Credit unions are different than banks. As not-for-profit financial institutions, credit unions put people first. That’s why more than 140 million Americans choose credit unions as their trusted financial partner.
From no- and low-fee accounts and financial counseling to better interest rates on affordable loans and more, credit unions are here to help people achieve their best financial lives.
What’s at stake
The new Congress and administration are moving fast on tax reform, which could mean adding a new tax on credit unions and on the members they serve, including you. We must act now to ensure lawmakers understand that a new tax on credit unions is a tax increase on more than 140 million Americans.
Why credit unions are needed
Credit unions got their start in the U.S. when banks refused to serve working Americans. They provided a needed alternative so families, farmers, small business owners, and others left behind by banks had financial options.
For more than 100 years, people have come together to be a part of credit unions, not-for-profit financial cooperatives, and support each other through tough financial times.
Congress recognized the importance of the credit union movement and provided credit unions with the federal income tax status to ensure they continued to meet the needs of underserved people and communities. Credit unions pay billions in state and local taxes each year. The only exception is the federal income tax on profits. And that’s because those profits are returned to you.
More and more people across the country are joining you in choosing to belong to a credit union because they witness the power and benefits of the credit union movement to strengthen the financial well-being of individuals and communities.
But that hasn’t stopped banks’ greed and desire to eliminate any competition. That’s why they want Congress to eliminate the credit union federal income tax status.
Eliminating this would mean all of the things people love about credit unions would be eliminated too. And at the expense of consumers like you.
Tell Congress: Don’t tax my credit union—it’s a tax on me.