WASHINGTON--With Congress back in their home districts this week, America's Credit Unions said it is keeping up the momentum in the Don’t Tax My Credit Union effort.
Leagues and credit unions are engaging with their members locally, while America’s Credit Unions’ advocacy team is meeting with Capitol Hill staff with the latest data on the credit union difference, ACU said.
Information shared with lawmakers shows how credit unions generate tens of billions of dollars per year more than any “cost” of the credit union tax status, and that changing the tax status would be a tax increase on more than 140 million Americans.
Challenging the recent change in bank tactics that call for taxing credit unions with more than $1 billion in assets, the data notes that the market share of every single credit union in that category combined is still a fraction of the market share held by community banks.
In addition to the in-person meetings, the Don’t Tax My Credit Union grassroots action alert is ongoing, ACU said.
"Credit union stakeholders are urged to use the Member Activation Program and encourage their members to reach out to members of Congress through the Don’t Tax My Credit Union “Take Action” link," ACU said.