Credit union members across America joined a virtual rally to protect their credit union on October 2. Speakers included economists and policy experts (including Steve Pociask of the American Consumer Institute and Bill Hampel of the Credit Union National Association), as well as credit union members from across the country. The following topics were addressed:
How credit unions differ from banks;
The role credit unions play in the financial services marketplace; and
How policy changes made here in Washington could affect working families, small businesses, and consumers on Main Street.
Washington DC (10/02/13) – Credit union members and advocates from across the country held a virtual, online rally in support of the "Don't Tax My Credit Union" campaign, which was hosted by the Credit Union National Association (CUNA). The initiative urged lawmakers as part of any final tax reform plan to preserve the federal tax exemption credit unions receive as not-for-profit, member-owned cooperatives.
Tens of thousands of supporters were in virtual attendance.
"Rather than rallying supporters at the National Mall – like so many campaigns do – this movement rallied tens of thousands of credit union members nationwide online," said Bill Cheney, president/CEO of CUNA. Participants in the rally used the hashtags #CURally and #DontTaxMyCU and thousands of advocates showed their support with tweets, pictures, vine videos, and by contacting their members of Congress. CUNA and the state credit union leagues launched the "Don't Tax My Credit Union" Advocacy campaign in May, across the backdrop of national political debate on revising the country's tax code.
Unlike banks, credit unions receive a tax exempt status because they are not-for-profit, member-owned cooperatives whose earnings are returned to its members in the form of fewer banking fees and lower rates. Opponents of the credit union tax exemption argue that removing the exemption would lead to higher revenues for the federal government. However, the Joint Committee on Taxation estimates the tax exemption for credit unions amounted to $ 0.5 Billion last year, but will cost the American consumer $16 for every $1 of taxes saved due to higher fees, loan and mortgages rates for middle class, working families. Furthermore, removing the exemption would levy a new tax on 96 million Americans, and fundamentally change the non-profit structure of credit unions.
For more information and details on the rally visit: www.Don'tTaxMyCreditUnion.org