A Wake-Up Call for Action to Preserve Credit Union Tax Exemption

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CUNA President and CEO Bill Cheney on release of tax ‘options paper’ by Senate Finance Committee.

Note: Thursday afternoon, the Senate Finance Committee released the last of its “options paper” with regard to tax-exempt entities and how those groups should be treated under tax reform, including whether or not they keep their tax preferences. Of critical interest to credit unions is the mention of their tax-exempt status. Although the options paper makes no specific recommendation about credit unions, the very fact that credit unions are included in the options is of concern. CUNA President and CEO Bill Cheney issued the following statement:

The release of this document should be a wake-up call for action by credit unions. As CUNA has been saying for some time, our tax exemption, and its preservation for the long-term, is actively in the mix of discussion on Capitol Hill, as this “options paper” clearly shows. That’s why we launched our “Don’t Tax My Credit Union” campaign. However: Credit unions are different from other groups mentioned in the paper – we are cooperatives, operating on a not-for-profit basis, and actively returning billions of dollars in benefits each year to our members—benefits that far exceed any new revenue that would come from taxing credit unions. We can make the distinction that credit unions are different and preserve our tax status – if we speak up, now. Credit unions and their members should contact their senators and congressmen without delay with the simple message “Don’t Tax My Credit Union!”

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