The Truth Speaks: Resources to Help your Members Tell Congress to Preserve the Credit Union Tax Structure

Credit union members are being called on to say to Congress, “Don’t tax my credit union.” They have been provided with a turnkey email and phone connection though the Don’t Tax my Credit Union website created by the Credit Union National Association (CUNA).

But are your employees and members prepared to message legislators?

The Northwest Credit Union Association (NWCUA) has introduced the Truth Speaks online resource to give members some Northwest-specific information they can share with Congress.

With all tax exemptions under the microscope in Congress, it’s expected that most organizations and movements will be aggressive about asking Congress to maintain their exemptions. Credit union advocates and members have an opportunity to join the conversation now, and provide their representatives with educational facts supporting the exemption.

“It is the structure of credit unions as not-for-profit cooperatives that determines their tax exemption,” said Troy Stang, president and CEO of the Northwest Credit Union Association (NWCUA). “It really has nothing to do with the products credit unions offer or what size that credit union is. What sets credit unions apart is the cooperative structure, and that is an important message to share with Congress.”

Factual data supporting the tax structure can be found on the Truth Speaks website, including a high-level economic analysis, reports detailing the positive impact credit unions have on communities and social media sharing resources such as graphics and animated videos.

For example, the Community Investment Reports detail millions of dollars donated, thousands of hours volunteered and positive impacts of community projects sponsored by credit unions and their employees.

Animated videos detail the real, tangible benefits credit union members enjoy in Washington and Oregon because as not-for-profit financial cooperatives, credit unions are able to return earnings to members through lower fees and better interest rates.

A tax on credit unions is a tax on their 4.4 million members in the Northwest and would significantly diminish the returns on earnings members enjoy, and could eliminate choice consumers have to be members of cooperative financial institutions.

 

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

Posted in Advocacy News, NWCUA.