Credit unions promote the economic well being of their members, especially those of modest means, through a system that is member-owned, generally volunteer-directed and not-for-profit.
The credit union mission has always been to ensure secure financial choices at lower costs for their members. That’s why credit unions offer financial products that provide better returns on savings, reduced rates on loans and lower or no fees on services.
While credit unions are regulated by the federal and state governments, they are also generally governed by volunteer boards elected by their membership. Credit unions don’t answer to stockholders, but to each of their 120 million members.
Credit unions invest in people by helping those who have been traditionally underserved by banks. Groups like seniors on fixed incomes, single working moms, minority communities needing greater community investment, and small business owners struggling to raise capital all rely on credit unions for important financial services at reasonable costs.
While the big banks have abandoned small businesses in droves because they just can’t make enough money, credit unions promote their small business members in a struggling economy by providing low-cost credit alternatives. This credit union investment means millions of jobs across America.
Unfortunately, the big banks and some in Congress want to raise taxes and impose new fees on 120 million credit union members who represent 40% of all Americans, yet represent only 7.5% of the assets in financial institutions. And, they want to do this despite the fact that credit unions are not-for-profit and meeting their core mission every day.
That’s wrong and will imperil the credit union movement that so many have come to depend on for real financial choice.
Don’t let Congress raise taxes on 120 million credit union members. Don’t let Congress eliminate real financial choice. Don’t let Congress destroy our credit unions.
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