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Support Continued Tax Exempt Status Of Credit Unions

Thursday, June 20, 2013 - 7:17 PM
The Advocacy Network For Credit Unions is trying to muster support to
retain the current not-for-profit tax exempt status of CU's.  This is
being threatened in Congress by lobbyists from the for-profit banking
industry.

Abolishment of the CU tax status will undoubtedly undermine a CU's
ability to offer higher savings & CD rates, lower fees, lower loan
rates, etc.

If you support not taxing the CU's click here to send e-mail to your
congressman; it will only take about 30 seconds.  Have your friends
and family also join in.

(I'm in no way personally affiliated with this advocacy organization.
I do support continued not-for-profit tax exemption of CU's because of
my own belief in it producing a better business model: "profits" to
the customers in the form of less expensive products.)
3
cumuluscumulus297 posts since
Jan 16, 2010
Rep Points: 1,370
1. Thursday, June 20, 2013 - 8:07 PM
Cumulus:  Is this only for California and Nevada?  I am for cus keeping their current not-for-profit tax exempt status but I could not find any of our credit unions on the list.  Are all credit unions in all states being threatened in Congress?  Thanks for any additional info you can provide.
3
paoli2paoli21,142 posts since
Aug 10, 2011
Rep Points: 5,091
2. Thursday, June 20, 2013 - 8:46 PM
Paoli: Good question.  I had assumed this was for ALL credit unions,
EVERYWHERE --- since the resolution to abolish was being introduced by
the Senate Finance Committee.  However, when you register to send e-mail
to your congressman, a drop down menu appears requesting you to "Please
select your primary credit union"; all CU's in the list are located in
California!  None in Nevada, or any other state.

This article has me still thinking it's applicable to all CU's, but I'm
not certain. By the way, there's a nice 2 minute video in this article
summarizing the issues --- from the point of the CU of course.
1
cumuluscumulus297 posts since
Jan 16, 2010
Rep Points: 1,370
3. Thursday, June 20, 2013 - 9:17 PM
 

  "all CU's in the list are located in California! " 

 

may this be just local ??    if Every CU in the state is not on the list

edit: actually i went and looked after my post, there are alot.
2
RicochetRicochet131 posts since
Jan 19, 2010
Rep Points: 358
4. Monday, July 8, 2013 - 12:27 PM
Since I am a member of a California CU I was able to find mine and followed the steps.

This should also serve as a caution to credit unions, especially larger ones that no matter how large they are, they need to remember they should be offering higher savings rates, lower loan rates, and lower fees than their bank counterparts.  Otherwise, they are a credit union in name only and are just giving banks fuel.

cd :O)
6
ChrisCDChrisCD66 posts since
Nov 18, 2010
Rep Points: 409
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