NASHVILLE, Tenn. (8/8/13)--Old Hickory CU and Tennessee credit unions are sending a strong message to Congress to keep their tax-exempt status, according to Nashville TV station WKRN during an interview.
Bonnette Dawson, president/CEO of the $205 million asset credit union located in Old Hickory, Tenn., delivered the "Don't Tax My Credit Union" message in an interview with WKRN.
"If we had to pay taxes that would change the way we do business, and it would also do away with the choice people have in financial institutions," she told Nashville's News 2.
Credit union should not be taxed because they serve different clientele than banks, she said, adding, "We offer similar services, but we are more responsive to low income and underserved communities. We volunteer a lot in the communities we serve."
The reporter noted that unlike banks, credit unions cannot raise capital through public stock but they give better service. Camera footage taken at the credit union featured staff wearing a Don't Tax My Credit Union t-shirt. Member Alice Breuer also was interviewed. "When I think of a credit union, I think of community because when you come in, they know who you are. You are not just a number," she said.
Losing the tax-exempt status would dramatically change her credit union's cost and quality of service.
"I don't think they are aware, and that's what we are trying to do is get every avenue we can to raise awareness." The station said Dawson has met with two Tennessee representatives in Congress and will meet with U.S. Rep. Marsha Blackburn this week.
Raising awareness is one of the three prongs of Unite for Good, the Credit Union National Association's and state leagues' campaign working toward a vision in which "Americans choose credit unions as their best financial partner."