Protect tax exemption, urges ad in USA Today

WASHINGTON (11/3/05)--In response to today's hearing in the House Ways & Means Committee, five of the nation's largest credit unions teamed up to place a full-page ad in Wednesday's USA Today to urge the protection of credit unions' not-for-profit, tax-exempt status.

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The ad, which appeared on page 3B of the Money section, had the logos of State Employees' CU, Raleigh, N.C., $12.705 billion in assets; Pentagon FCU, Alexandria, Va., $7.974 billion; BECU, Seattle, $5.567 billion; Orange County Teachers FCU, Santa Ana, Calif., $5.652 billion; and American Airlines FCU, Dallas, $4.025 billion.

Also included was the National Credit Union Brand logo of America's Credit Unions.

The stark black-and-white, text-only ad focused on credit union values.

"They serve the financial needs of the armed forces, state and federal government workers, police, firefighters, teachers, airline and aerospace workers, you and your neighbors," it said. "Congress is studying whether or not credit unions should be allowed to maintain their tax-exempt status. "If America's credit unions were taxed, over 87 million Americans will pay higher loan rates and receive less interest on their deposits. "Help us help those who have given so much to their nation, by maintaining the tax-exempt status of credit unions."

The ad ended with a call for consumers to contact their congressional representatives.

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Resource Links
CU Taxation Hearing Information
Why Credit Unions Are Tax-Exempt
National Credit Union Brand Campaign: America's Credit Unions
Related stories: 2005 Hearing on CU Taxation


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