Credit Unions Under Attack!
Dear Taleris Members,
From time to time, we will advise you of current political events that could have a direct effect on our credit union and our members. This is one of those times.
The Federal Government is currently considering action that, if approved, would have an immense effect on all credit unions. Right now, Congress is considering significant federal tax reform and their approach, at this point, is to “wipe the slate clean.” This means all existing tax exemptions, including credit union tax exemptions, will have to be re-affirmed or be eliminated.
A loss of tax exemption would have a devastating effect on the entire credit union industry. To better understand why, you must first understand the purpose and mission of credit unions
Credit unions promote the economic wellbeing of their members, especially those of modest means, through a system that is member-owned, volunteer-directed and, most importantly, not-for-profit. The credit union mission has always been to ensure secure financial choices at lower costs for their members. That’s why credit unions offer financial products that provide better returns on savings, reduced rates on loans and lower or no fees on services.
Credit unions invest in people by helping those who have been traditionally underserved by banks. Groups like seniors on fixed incomes, single working moms, minority communities needing greater community investment, and small business owners struggling to raise capital all rely on credit unions for important financial services at reasonable costs. While the big banks have abandoned small businesses in droves because they just can’t make enough money, credit unions promote their small business members in a struggling economy by providing low cost credit alternatives. This credit union investment means millions of jobs across America.
Unfortunately, the big banks and some in Congress would love to see the slate “wiped clean”. They would love to remove the tax exempt status and impose new taxation on America’s credit unions and its 96 million credit union members. They will do their best to pass this type of legislation despite the fact that credit unions are not-for-profit and meeting their core mission every day.
How can you help? You can visit DontTaxMyCreditUnion.org to send a pre-written message to Congress. The link will open in a new tab and direct you to a site maintained by the Don’t Tax My Credit Union campaign. Your voice can make a difference.
Please take the time to help support this most important cause. Don’t let Congress raise taxes on 96 million credit union members. Don’t let Congress eliminate real financial choice. Don’t let Congress destroy credit unions.