Thank you for taking action and protecting credit unions!
Credit unions are different than banks. As not-for-profit financial institutions, credit unions put people first. That’s why more than 144 million Americans choose credit unions as their trusted financial partner.
Credit union members like you took action to protect the credit union tax status. Thank you!
Your work to defend the credit union tax status means that our not-for-profit, people-first approach remains accessible to hard-working American families, making an impact on people from all walks of life.
Help us thank members of Congress for their efforts.
- Sent 861,000 grassroots Don’t Tax My Credit Union messages directly to lawmakers.
- Contacted all 535 Congressional offices with key data on the credit union difference.
- Held more than 1,000 meetings, from Capitol Hill to in-district.
- Delivered dozens of letters to Congress.
- And more – including ads, social media outreach, op-eds and letters to the editor, and research.
Why credit unions are needed
Credit unions got their start in the U.S. when banks refused to serve working Americans. They provided a needed alternative so families, farmers, small business owners, and others left behind by banks had financial options.
For more than 100 years, people have come together to be a part of credit unions, not-for-profit financial cooperatives, and support each other through tough financial times.
Congress recognized the importance of the credit union movement and provided credit unions with the federal income tax status to ensure they continued to meet the needs of underserved people and communities. Credit unions pay billions in state and local taxes each year. The only exception is the federal income tax on profits. And that’s because those profits are returned to you.
More and more people across the country are joining you in choosing to belong to a credit union because they witness the power and benefits of the credit union movement to strengthen the financial well-being of individuals and communities.
of voters in the U.S. support preserving the credit union tax status
of voters view credit unions favorably
of credit union members trust their credit union vs. 84% of bank customers
America’s Credit Unions’ poll by CYGNAL/FederickPolls, Dec 2-4, 2024, n=1000.
Even as the credit union movement has grown, it remains a small but vital part of the financial landscape: Credit unions serve 43% of all Americans, but hold only 8.8% of assets in financial institutions, a clear indication of efforts to help people build their savings and improve their finances. The remaining 91.2% of Americans’ assets are held by banks.
Working together, we fought hard against banks’ efforts to have Congress eliminate the credit union federal income tax status.
You told Congress: Don’t Tax My Credit Union – it’s a tax on me. And lawmakers listened.
Thank you for your efforts to protect the credit union tax status and keep credit unions accessible for hard-working Americans.
Credit union impact across the country
Credit unions deliver big financial benefits across the country. See for yourself.
Represents 2024 data. Source: IMPLAN, U.S. Census Bureau, Bureau of Labor Statistics, Bureau of Economic Analysis, NCUA, and America’s Credit Unions.
The credit union difference
The credit union difference is how credit unions help their members achieve their best financial lives. Through their not-for-profit status, it’s how they support vibrant and growing communities. It’s how they uplift people who feel like they’ve been left behind.
