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News Now

Washington
CUNA Provides Ads For CU Tax Fight Counterpunch
WASHINGTON (2/13/13)--As bankers intensify their state-level attacks against the credit union tax status, the Credit Union National Association is developing a toolkit to help credit unions connect with their members and educate the public on credit unions.

"Banks are trying to take advantage of state governments search for new sources of revenue by pushing for credit union tax status changes. It's time to remind credit union members of the benefits they receive by being a member: the trust they have in their credit unions, the ownership structure, and the fact that they are locally controlled," CUNA Senior Vice President of Political Affairs Richard Gose said.



CUNA's reminder to members and the general public will come in the form of radio ads, print ads, newsletter articles and social media outreach efforts. The CUNA-produced materials are available to all state credit union leagues, free of charge.

One of the minute-long radio ads highlights the credit union difference, noting that credit unions "provide members with services they want, not products that going to generate a tidy profit for a few investors.

"Loan decisions are made locally, not by bureaucrats and computer models from across the country," the ad states. The radio ad also encourages listeners to learn more about credit unions and find their own local credit union through aSmarterchoice.org.

The pro-credit union radio spots have already been sent to the leagues where state banker associations are actively trying to challenge the credit union tax exemption.

To access the resources, use the link.

Preserving the tax status of credit unions is CUNA's top priority. Under the Federal Credit Union Act, federal and state-chartered credit unions are exempt from federal income tax because they are cooperatives operated for and by their members, and because credit union shares are essentially members' deposits. The tax status has been re-affirmed periodically by the U.S. Congress and is supported by many lawmakers.
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