Don't Tax My Credit Union

The Move Your Money project was born out of the Occupy Wall Street movement, which began in September 2011. The impetus was the announcement by Bank of America that they were going to impose a $5 dollar monthly fee for debit card users. On November 5, 2011, customers were to close their accounts at major banks and open new ones in community banks or in credit unions. Already infuriated by Wall Street’s recklessness leading to the 2008 financial collapse, the idea caught on like wildfire across the nation.

Credit unions got a big reputational boost during the financial crisis, as banking customers protested what in their eyes were reckless lending practices that led to massive bailouts of traditional banks. Especially in the aftermath of the crisis, as banks made numerous attempts to raise fees to recoup losses numerous attempts to raise fees to recoup losses, many bank customers fled to credit unions for relief.

The credit union mission has always been to ensure secure financial choices at lower costs for their members, but a change in tax laws could greatly hamper that effort unless CU members let their voices be heard.

As a result, the CUNA led #DontTaxMyCU campaign turned heads on a national level, and successfully reminded congressional law makers of the many Americans that love their Credit Union!

“The level of engagement we saw on Don’t Tax Tuesday is a testament to the power of social media and to the dedication of credit union members, who value their credit unions so much that they actually want to stand together and advocate for protecting that value with lawmakers,” CUNA President/CEO Bill Cheney said.

At the moment, it’s a war of words, but very soon the debate to tax credit unions will hit the streets.

This week, credit union supporters from South Florida and throughout the country will descend on Washington, D.C. to “Hike the Hill” and meet with lawmakers to stress the importance of keeping in place the federal tax exemption for credit unions.