A tax on credit unions is a tax on me.
Credit unions are different than banks. As not-for-profit financial institutions, credit unions put people first. That’s why more than 140 million Americans choose credit unions as their trusted financial partner.
From no- and low-fee accounts and financial counseling to better interest rates on affordable loans and more, credit unions are here to help people achieve their best financial lives.
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.
But that hasn’t stopped banks’ greed and desire to eliminate any competition. That’s why they want Congress to eliminate the credit union federal income tax status.
Eliminating this would mean all of the things people love about credit unions would be eliminated too. And at the expense of consumers like you.
Tell Congress: Don’t tax my credit union—it’s a tax on me.
Credit union impact across the country
Credit unions deliver big financial benefits across the country. See for yourself.
Represents 2023 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.
