Tax Advocacy Update: More than 100,000 Credit Union Members Contact Congress

Congress is hearing from credit union advocates who are adamant about preserving the tax structure that facilitates lower fees and better interest rates for members. The Credit Union National Association (CUNA) has tracked more than 100,000 congressional contacts since launching “Don’t Tax my Credit Union,” a consumer-facing website that includes links to Congress, an animated video about the credit union value proposition and other data supporting credit unions’ tax exemption.

A sustained advocacy effort is important as Congress considers whether eliminating all tax exemptions would solve the deficit crisis. As Anthem reported last week, credit unions were officially put on the table in a potentially explosive Senate Finance Committee report that also spotlighted nonprofit hospitals and charitable deductions. The report was no surprise to Hill lobbyists who anticipated the credit union reference, but it underscored the need for immediate grassroots contact with federal legislators.

In addition to CUNA’s “Don’t Tax” website, the Northwest Credit Union Association’s (NWCUA) Truth Speaks public-facing website includes northwest-specific data, including an ECONorthwest study performed by two economists. “Credit Unions vs. Banks: The Myth of the Uneven Playing Field” debunks bank lobby claims that the credit union tax exemption puts banks at an unfair competitive disadvantage. The report scientifically tested analysis of data from 1948-2012, and supported the credit union cooperative model as a value for consumers.

The news release detailing the ECONorthwest study was picked up this week by hundreds of media blogs and websites that post news releases, including the Sacramento Bee, television stations and national publications.

The Truth Speaks website also includes social media shares, animated videos detailing the benefits Oregon and Washington credit union members enjoy and reports documenting the social impact credit unions have on local communities.

 

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

 

 

Posted in Advocacy News, NWCUA.