State and Local Tax Status
Our member-owned, not-for-profit cooperative status allows us to fulfill our mission to put our members ahead of the bottom line. Removal of the tax status would erode that progress for 130 million people.
Why you should care
With no outside stockholders, credit unions are able to leverage their tax status, saving members $13.5 billion annually. (Datatrac, NCUA, CUNA analysis, Sept 2022)
Credit unions account for nearly $29 billion in local, state, and federal taxes annually. (NCUA IMPLAN, CUNA, YW 2021)
The tax status saves credit union members $13.3 billion annually (September 2021) and non-members see $5.2 billion in annual benefits just from the presence of credit unions in local banking markets. (Datatrac, CUNA)
The $2 billion that Congress invests in the credit union tax exemption generates more than $208 billion in economic impact every year through personal financial support, small-business lending, job creation, and much more. (CUNA analysis, IMPLAN and NCUA data, 2021)
91% of credit union members say that their credit union cares about their financial well-being. (National Voters Survey, 2023)
Where we stand
Credit unions stand out as a steady, reliable, consumer-friendly alternative dedicated to improving financial well-being for all. The credit union tax status — based on our unique structure — allows us to advance communities across the country and offer a wide range of benefits that help members to save and reach their financial goals.
What you can do
Continue to protect the tax status of credit unions to help advance communities, grow the middle class, and keep local economies strong.
