For those that are unfamiliar, credit unions are member (depositor) owned. As a member/depositor, you area also a shareholder. Credit unions, therefore, generally conduct themselves in a fiscally responsible manner because they must answer to you, the depositor. Credit unions were largely not responsible for the financial meltdown. Unfortunately, for them and you, however, they’ve been paying the price for it anyway. With banks receiving preferential treatment, much of it legislated by Congress both prior to and after the financial meltdown, as well as the negative consequences, like higher deposit insurance rates, credit unions have been struggling. Now at the behest of the big banks perpetual lobbying, Congress has decided to begin looking closely at the tax treatment of non-profit financial institutions. Basically, big banks don’t like competition of any sort, especially competition driven by consumers themselves.
So, if you’re a member of a credit union, your benefits at your financial institution are at risk. So, take the time to visit Don’t Tax My Credit Union and tell Congress and the big banks to leave your money alone.
“Don’t Tax My Credit Union” is a national campaign dedicated to ensuring Congress doesn’t raise taxes on 96 million credit union members nationwide and preserves financial choice for American consumers. Join us today to share your story and tell Congress: Don’t Tax My Credit Union! You can also follow them on Twitter.