Emphasizing impact of credit union difference to House Ways and Means Committee

Directly engaging with the tax-writing House Ways and Means Committee, America’s Credit Unions wrote to members Monday, focusing on fundamental facts about the credit union difference and what’s at stake if the credit union tax status is removed as part of tax reform. The committee is working on its portion of the budget reconciliation bill, and reports indicate it may mark it up as soon as next week.

“Not-for-profit credit unions focus on serving working families, farmers, and small businesses, not making a profit for stockholders,” the message reads.

Lawmakers also received detailed fact sheets, helping push back on recent misleading bank attacks on large credit unions.

The information highlighted:

• The difference between member-owned, not-for-profit financial cooperatives and for-profit banks, including the structure, where earnings go, and more; and
• There are no differences between large and small credit unions when it comes to mission, structure, support of members, and investing back into the communities they serve.

America’s Credit Unions, leagues, and credit unions are visiting key members of Congress throughout the next few weeks in Washington, D.C. Working together with their leagues, credit unions should continue reaching out to members of Congress in support of the tax status. The fact sheets shared with the House Ways and Means Committee members are available, along with other resources, on the Don’t Tax My Credit Union Member Activation Program website.