Credit unions promote the economic well being of their members, especially those of modest means, through a system that is member-owned, volunteer-directed and not-for-profit.
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.
Credit unions don’t answer to stockholders, but to each of their 96 million members.
While the big banks have abandoned small businesses in droves because they just can’t make enough money, credit unions promote their small business members in a struggling economy by providing low cost credit alternatives. This credit union investment means millions of jobs across America.
Unfortunately, the big 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.
That’s wrong and will imperil the credit union movement that so many have come to depend on for real financial choice.
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.
As Congress considers comprehensive tax reform, I encourage you to leave the credit unions tax exemption alone.
If credit unions were forced to pay taxes, as not-for-profit entities, their members like me would shoulder the burden of those new taxes. Credit unions would be forced to make up the difference, which could mean higher rates on loans and new or higher fees on members like me. Even non-members would suffer, as conventional banks would face less competition from credit unions to keep their prices and fees low.
Ultimately, a tax on credit unions is just another tax on me and the nation's 96 million other credit union members. It's important that you and your colleagues protect the benefits of the credit union not-for-profit status and preserve the credit union tax exemption.
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