Credit Union Members, Staff and Directors Asked to Tell Congress, “Don’t Tax My Credit Union”

With both houses of Congress knee-deep in budgeting exercises that point towards reforming the U.S. tax code, credit union staff, directors and Main St. members are being called on to take a message to Congress: “Don’t tax my credit union.”

The Credit Union National Association (CUNA) this week unveiled a national website with message points, a video and other resources to help with an advocacy effort which industry leaders hope will engage millions of Main St. consumers.

Dontaxmycreditunion.org  directly connects members to their Congressional representatives in seconds, and includes sample letters that can be delivered quickly and succinctly. The site also shares reasons that the not-for-profit, cooperative structure of credit unions determines the corporate tax exemption, and how that delivers billions of dollars in benefits back to members.

“It appears lawmakers are considering a “blank piece of paper” approach,” noted CUNA president and CEO Bill Cheney. “Under that scenario, all exemptions would be removed from the tax code and Congress would start from scratch to write a new tax code.” 

That approach means credit unions must proactively advocate for inclusion in the tax code.

“If we are to preserve our tax status, we must ensure our voice is heard loud and clear on Capitol Hill, and that there is no doubt in Congress that a tax on credit unions is a tax on 96 million Americans, and therefore unthinkable,” Cheney continued.

The Northwest Credit Union Association (NWCUA) had success with a similar grassroots call to action this spring by taking its message to social media. An online petition, Say No to Big Banks, resulted in nearly eight thousand signatures imploring Oregon legislators not to tax credit unions. Noting the Oregon response, CUNA is also providing social media resources. A YouTube video is already generating industry buzz and is available for credit unions and their members to share on their own websites and social media outlets.

CUNA has scheduled a May 22 webinar for credit union leadership to review the member engagement action plan.

 

Questions? Contact Lynn Heider: 503.350.2225, lheider@nwcua.org.

Posted in Advocacy News, Compliance, CUNA.