Credit unions put people over profits.
When banks turned away working Americans, credit unions were created—serving families, farmers, small businesses, and others left behind. More than a century later, they still do.
Congress recognized the importance of the credit union movement and provided credit unions with the federal income tax status to ensure they continued to meet the needs of underserved people and communities. Credit unions pay billions in state and local taxes each year. The only exception is the federal income tax on profits. And that’s because those profits are returned to you.
More and more people across the country are joining you in choosing to belong to a credit union because they witness the power and benefits of the movement to strengthen the financial well-being of individuals and communities.
The Facts
Even as the credit union movement has grown, it remains a small but vital part of the financial landscape: Credit unions serve 43% of all Americans, but hold only 8.8% of assets in financial institutions, a clear indication of efforts to help people build their savings and improve their finances. The remaining 91.2% of Americans’ assets are held by banks.
But that hasn’t stopped banks’ greed and desire to eliminate any competition. That’s why they want Congress to eliminate the credit union federal income tax status.
Eliminating this would mean all the things people love about credit unions would be eliminated too. And at the expense of consumers like you.
Tell Congress: Don’t tax my credit union—it’s a tax on me.
Credit unions must act now.
Whether you're a professional in the industry or a loyal member who depends on your credit union, your voice matters. Speaking up today helps protect the credit union difference for tomorrow.
TAKE ACTION
Resources for Credit Unions
Log in to visit this dedicated space where you can access essential tools, updates, and materials for active League Advocacy campaigns – helping you bolster your credit union’s advocacy efforts. Engage effectively with legislators and stay informed on issues that impact our movement.