Truth Speaks Website: Credit Unions are Good for Consumers

A first of its kind economic study proving the public benefit of the credit union tax structure anchors a new, high-energy public-facing website to be unveiled by the Northwest Credit Union Association (NWCUA) later this week. The Truth Speaks will equip consumers with documentation that credit unions are good for people and communities.

The economic study is being reviewed by credit union movement leaders early this week before its public release. The report will also document the significant benefits the cooperative tax model delivers to members.

The Truth Speaks site will also feature reports detailing northwest credit unions’ social impact on communities, including millions in charitable contributions to children’s hospitals, animal shelters and food banks. The studies also note financial education presentations to thousands of students, and loans granted that helped consumers start businesses and keep their homes and cars during the peak of the economic crisis.

Animated videos are also posted so site visitors can share them with their social media friends.

“The truth is that after taking billions in bailouts, and raising fees on consumers, big Wall St. Banks want to eliminate local credit unions by taxing them out of business,” the announcer declares, as graphics roll showing savings to credit union members last year of $168 million in Washington and $110 million in Oregon.

Social media messages and graphics designed for consumers to share with their friends will also be included.

The site’s timely rollout comes as Congress examines all tax exemptions to address the deficit. While credit unions do pay millions in payroll and property taxes, they have a corporate tax exemption because as not-for-profit cooperatives, the earnings they return to members far exceed the benefits of an additional tax collection.

The Credit Union National Association (CUNA) has asked America’s 96 million credit union members to contact Congress with a message: “Don’t tax my credit union.” The Truth Speaks site includes direct connections to the CUNA resource, and allows consumers to email their representatives in minutes.

 

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

Posted in NWCUA.