New credit union ad touts CU difference

WASHINGTON (11/2/05)--Starting Monday morning, certain newspaper subscribers could read

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Treasury Secretary John Snow's statement that the Bush administration supports the tax status of credit unions, as well as four of the main reasons 87 million members love their credit unions.

That is the message of a new pro-credit union print ad sponsored by the Credit Union National Association (CUNA) and the National Association of Federal Credit Unions (NAFCU) that began running this week in four publications widely read on Capitol Hill.

The ad says members love their credit unions because:

  • America's credit unions are owned by their members and volunteer-led.
  • Since non-profit credit unions return their earnings to their members, they charge minimal rates on loans and provide quality financial ser vices at lower fees.
  • Credit unions offer higher returns on members' savings ... helping provide a more secure financial future.
  • Members save more than $6.3 billion a year by using their credit union.

It appears in Roll Call, The Hill, Congress Daily and CQ Today .

The print ad was released just four days before a scheduled oversight hearing by the House Ways and Means Committee to examine the credit union tax status. It closely followed the debut of a similar radio spot that describes the credit union difference and warns listeners that "some in Congress" may want to "raise taxes on America's 87 million credit union members."

CUNA, NAFCU, the Internal Revenue Service, the Government Accountability Office, and banking trade groups are scheduled to testify at the Ways and Means hearing Nov. 3 beginning at 10 a.m..

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