Scott Earl: Arizona’s credit unions are for people, not profit
Arizona’s credit unions are both not-for-profit and cooperatives. Like all cooperatives, credit unions are member-owned and self-governed by the Arizonans who use our services. By definition, all credit union funds are reinvested into the families and communities that we serve — not sent to shareholders like for-profit banks.
Arizona’s credit unions do pay taxes, including property tax, sales tax, moneys and credits tax and employer-related taxes. Increasing the taxes already paid by credit unions is merely an increased tax on Arizona’s credit union members.