Every day, La Cap and other credit unions work to improve the financial well-being of our members. Now, your voice and actions are needed to protect our mission and keep credit unions tax-exempt. We ask you to stand with us in telling Congress to Protect Credit Unions.
With just a few clicks, you can send a pre-filled message to your U.S. Representatives and Senators to oppose any tax on credit unions.
To learn more about credit unions and the importance of our tax-exemption, visit donttaxmycreditunion.org
Frequently Asked Questions
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Why are credit unions tax-exempt?
Congress granted credit unions tax-exempt status in the 1930s because they are member-owned cooperatives. This exemption applies only to federal income tax—credit unions still pay other taxes. Our earnings go back to our members through better rates and services.
As a credit union, La Cap is:
- Member-owned – Our focus is on serving our members, not generating profits for shareholders.
- Not-for-profit – Earnings support lower loan rates, higher savings rates, and member benefits.
- Community-focused – We provide financial assistance in underserved areas.
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Why is the tax-exempt status of credit unions being challenged?
Some lawmakers, big banks, and financial groups argue credit unions should be taxed like for-profit institutions. But credit unions exist to serve members, not shareholders. Losing our status as tax-exempt would limit our ability to serve you.
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How would taxing La Cap impact our members?
If La Cap were taxed, it could mean:
- Lower savings rates
- Higher loan rates
- Increased fees
- Reduced access to affordable financial services
Ultimately, it would limit our ability to offer the affordable, personalized support our members rely on.
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How many credit unions are there in the U.S.?
The U.S. has 4,617 credit unions, each serving different communities but united by the credit union mission.
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How many Americans do credit unions serve?
Over 40% of Americans—about 140 million—use credit unions for financial services.
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How much do credit unions save members each year?
Credit union members receive over $35 billion annually in financial benefits through higher savings rates, lower loan rates, and reduced fees.
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How many jobs do credit unions provide?
More than 1.2 million people work in credit unions across the U.S., supporting local economies and serving members through financial services and operations.
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What is the economic impact of credit unions?
Credit unions have a $297 billion economic impact in the U.S., supporting communities, jobs, and financial services.
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Why does this matter to La Cap’s mission?
La Cap has proudly supported members since the 1960s. Our mission is to improve the financial well-being of our members, providing affordable financial solutions, competitive rates, and personalized service. Losing tax-exempt status would limit our ability to:
- Offer competitive rates and lower fees
- Invest in better services and technology
- Support community programs
- Provide financial education