Message from the CEO
Thursday, October 10, 2013
Hopefully you have seen our Don’t Tax My Credit Union™ billboards, ads, video
and messages over the past months. Some of you have already acted and some still have the opportunity to make your voice heard. As a credit union member, this is a simple choice.
Congress is presently working to revise and restructure our current federal tax code, through a blank slate approach. This puts all not-for-profits, including credit unions, at risk of losing their tax-exempt status.
As you know, the credit union’s cooperative model returns profits to member-owners in order to provide convenient, affordable, high-value financial solutions. Banks maximize profits for a group of investors, charging for services to report earnings to wealthy shareholders.
Credit unions serve as the backbone of savings and loans for 96 million people, 40 percent of the U.S. population. A tax on credit unions, however, denies all Americans financial choice and allows banks unfettered ability to levy fees. Much as the backbone supports the body’s frame, credit unions support the entire financial sector, providing healthy competition to the marketplace.
To ensure financial choice and protect the credit union model as we know it, I ask for your help in telling Congress, “Don’t tax my credit union!”
The process is simple:
- Visit DontTaxMyCreditUnion.org.
- Click the “Take Action” tab.
- Complete the information on the right hand side.
- A letter automatically populates to alert the elected officials in your district.
- Click “Send.”
We appreciate your voice as a member-owner to show Congress that you value financial choice and your role in the credit union system. Thank you for your help and stay tuned for updates as the legislative process continues.
R. Scott Woods, CPA
President & CEO