March 20, 2025
Credit unions were born out of necessity. Now, the movement needs support to continue its mission to improve lives and bolster the communities they also call home. If credit unions lose their tax-exempt status, the products, services, and advantages to the every-day member are also at risk.
Back in the day, when banks turned their backs on hardworking folks, credit unions stepped up to the plate. They became a welcoming haven for families, farmers, small business owners, and anyone else who needed a financial friend.
For over a century, communities have united under the banner of credit unions, unique not-for-profit financial cooperatives, to weather financial storms together. Imagine them as the financial equivalent of a neighborhood potluck, where everyone brings something to the table, ensuring no one goes hungry. In fact, credit unions have grown to serve over 120 million members in the U.S. alone, offering a safe harbor in times of economic uncertainty.
The CU Difference
Credit unions prioritize people over profits. They provide personalized services and competitive rates, making them a trusted ally in achieving financial well-being. Whether it's helping a family secure their first home or supporting a small business's growth, credit unions are there, proving that together, we can build a brighter financial future.
Credit unions by the numbers*
- 60 percent of voters in the U.S. support preserving the credit union tax status
- 87 percent of voters view credit unions favorably
- 91 percent of credit union members trust their credit union vs. 84 percent of bank customers
Credit unions have grown but they still play a unique and essential role in our financial world. They’re here for 43 percent of Americans, helping folks save and manage their money better, even though they only hold 8.8 percent of the assets in financial institutions. Meanwhile, banks are holding onto the other 91.2 percent of assets.
How can you help?
Federal lawmakers are working on tax reforms. They need to know how eliminating the credit union federal income tax status would hurt the very people they were elected to serve.
A new tax on credit unions would put your financial well-being at risk. Send a message to your U.S. Representative and Senators now and tell them to oppose any effort to add a tax on credit unions.
With just a few clicks, you can instantly send a pre-filled message to your U.S. Representatives and Senators. It's quick, easy, and critical—let them know you oppose any new tax proposals that could hurt credit unions. Every message counts, and your voice can make a real impact today!
Tell Congress: Don’t tax my credit union—it’s a tax on me.
* America’s Credit Unions’ poll conducted by CYGNAL/Frederick Polls, December 2024