News

“Don’t Tax My Credit Union” grassroots campaign gets underway

The Credit Union National Association (CUNA) and its affiliated state credit union leagues have undertaken a large-scale, nationwide, grassroots-mobilization campaign urging America's 96 million credit union members to deliver a united message to the U.S. Congress: "Don't tax my credit union!"

The campaign has begun at a time when the U.S. House and Senate have made broad-based tax reform a major priority.  The initiative will urge lawmakers, as part of any final tax reform plan, to preserve the federal tax exemption credit unions receive as not-for-profit, member-owned cooperatives.

The CUNA campaign will emphasize that any tax on credit unions is really a tax on its members since credit unions are cooperatively-owned by the people they serve.  If credit unions were taxed, their benefits to members and communities will be lost, and a consumer-friendly option in the financial marketplace will vanish.

The nationwide action alert urges nearly 7,000 state and federally chartered credit unions to support this campaign by engaging their consumer-members on this issue and directing them to a range of new resources.

One example of these reform efforts came recently, when the Senate Finance Committee released a paper examining tax considerations related to economic and community development.  The committee paper discusses potential mortgage interest deduction changes, and other tax expenditures.  Credit unions are not mentioned in the paper.

The "Don't Tax My Credit Union" campaign will utilize direct communication from credit unions to their members and supporters as well as web-based and social media channels in order to convey a powerful and sustained message to Congress.  Elements include:

• A new web site, DontTaxMyCreditUnion.org, where people can learn about the issue, send an email message directly to their members of Congress;
• Engagement of influential third-party coalition members that recognize credit unions' tax status is good public policy that benefits consumers and society as a whole;
• A national webinar for credit union executives, to be held Wednesday, May 22 at 3:00 p.m. ET, where CUNA will fully outline the issues, strategy, and required actions.  To sign up for the webinar, click here;
• A new Facebook page, Twitter handle @CUNAadvocacy, and hashtag, #DontTaxMyCU, to engage the press and public through social media; and
• A reformatted version of CUNA's tax advocacy tool kit.

For more on the "Don't Tax My Credit Union" campaign, use the following links.

Don't Tax My Credit Union Site

CUNA Credit Union Tax Advocacy Toolkit

Why Credit Unions are Tax Exempt customized statement stuffer

Why Credit Unions Are Tax-Exempt drive-up envelope

Tales from the Vault—The True story of Credit Unions comic book

Your Credit Union—What is in it for you folder and booklet