Hold Credit Unions Accountable

Hold Credit Unions Accountable

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Evan Gillmore started this petition to U.S. House Committee on Financial Services and

Credit unions are not living up to the spirit of their special role in the U.S. financial system. Credit unions were created with an exemption to the U.S. corporate tax code to provide low to moderate income individuals with financial services like loans and deposit accounts. Critically, they are membership owned organizations where the members hold a common bond like teachers, firefighters, students or farmers.

Credit unions are different than banks because they do not pay corporate taxes - the idea is to incentivize the service that credit unions provide. However, over time, credit unions have evolved away from serving households of modest means. Credit unions are the largest financial institutions in many states (Gores, Paul, Milwaukee Journal Sentinel), additionally they offer business loans that compete with local community banks, often without a savings to consumers (nafcu.org/mbl)

Our financial systems cannot tolerate this unfair competition by credit unions, especially considering the cost borne by consumers and tax payers. If credit unions are competing with banks on price and on service, then the tax exemption is unjustified. The Joint Committee on Taxation estimates that $2.9 BILLION of tax exemptions were awarded to credit unions in fiscal year 2018. That is money that could benefit our U.S. economy. 

Join me in petitioning for the review of credit union tax exemptions.

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