Don't Tax My Credit Union!
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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. Thatís why credit unions offer financial products that provide better returns on savings, reduced rates on loans and lower or no fees on services.
While credit unions are regulated by the federal and state governments, they are also governed by volunteer boards elected by their membership. Credit unions donít answer to stockholders, but to each of their 96 million members.
Credit unions invest in people by helping those who have been traditionally underserved by banks. Groups like seniors on fixed incomes, single working moms, minority communities needing greater community investment, and small business owners struggling to raise capital all rely on credit unions for important financial services at reasonable costs.
While the big banks have abandoned small businesses in droves because they just canít 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.
Thatís wrong and will imperil the credit union movement that so many have come to depend on for real financial choice.
Moreover, taxing credit unions wonít even help our budget deficit. For every $1 in new taxes on credit unions, the government would wipe out $10 in benefits to credit union members and consumers. So taxing credit unions is not only bad for our nationís economy. A tax on credit unions is really just a tax on you the member.
Donít let Congress raise taxes on 96 million credit union members. Donít let Congress eliminate real financial choice. Donít let Congress destroy our credit unions.
Send a strong message to Congress
Itís easy to take action. Just click on the link below to contact your U.S. Representative and Senators and tell them ďDonít Tax My Credit Union!Ē