Iowa Credit Unions Defeat Tax Attack

Grassroots advocacy prevails and builds momentum for the Credit Union Movement.

5/8/18

Don't Tax My CU text with Iowa Capitol Building backgroundIowa credit unions’ fierce advocacy resulted in an epic victory Saturday when tax reform legislation passed through the legislature, without inclusion of a bank lobby-instigated provision to tax credit unions. The win builds strong momentum for credit unions in defeating bank-backed tax attacks.

“We congratulate Iowa’s fierce credit union advocates for making sure legislators did the right thing for credit unions and their members,” said Jennifer Wagner, Chief Advocacy Officer for the Northwest Credit Union Association (NWCUA). “As advocates we work nonstop to make sure legislators understand that credit unions’ cooperative, not-for-profit structure delivers impact to members and communities, that far outweighs the benefit of a tax increase.”

“The voice of the people was heard, and consumer choice wins over dollars in the pockets of bank shareholders,” said Patrick Jury, President and CEO of the Iowa Credit Union League. “All consumers benefit from the competition that keeps rates and fees in check.”

While all hands were on deck in Iowa—including the Credit Union National Association (CUNA) and the ICUL—the grassroots advocacy efforts played an impressive role bringing the victory over the finish line. Advocates sent more than 40,000 emails and 2,500 handwritten letters to legislators in support of credit unions’ cooperative structure. Nearly 800 Iowa consumers rallied for credit unions at the state Capitol in March, a show of force that made a positive impression on legislators.