ACTION ALERT! Don't Tax My Credit Union

Credit unions’ tax-exempt status is under threat. Help us protect the vital role we play in our communities.

by Chesney Garnos, Executive Director of Government Affairs

Credit unions are a cornerstone of the economic success of the Dakotas. We are uniquely positioned to provide accessible financial services to communities that would otherwise have limited or no options. By deeply investing in the growth of the communities we serve, we help drive long-term prosperity. As not-for-profit institutions, we operate with a tax-exempt status that supports our mission to reinvest in local economies and serve our members—not generate profits for stockholders.

However, in Washington, D.C., the debate over the Tax Exemption Status of Credit Unions has resurfaced. As policymakers discuss changes to tax policy to offset the extension of current tax cuts, the impact on credit unions’ tax-exempt status is a key concern. Credit unions were created to serve their members, and not to generate profits for shareholders. Yet, the House Ways and Means Committee is considering reforms that could affect credit unions' ability to fulfill their mission.

Credit unions were founded with a clear purpose—stemming from the Federal Credit Union Act of 1934, which chartered federal credit unions to provide essential financial services to working-class Americans during the Great Depression. Today, there are more than 142 million credit union members nationwide, including over 550,000 right here in the Dakotas, all of whom benefit from having a local financial institution dedicated to looking out for their best interests.

TAKE ACTION NOW:

• CEO Letter from President Jeff Olson: You should be receiving a joint letter from Jeff Olson today via email emphasizing the critical role of our Dakota credit unions. This letter will be sent to the entire delegation in North and South Dakota. CEOs, please reply to this email no later than Thursday, April 17 to add your name to the letter.
• Send A Message to Your Congressional Member: Grassroots Action Center | America’s Credit Unions.  
• Postcards/Member Activation Program: Postcards are available for your credit unions to have members sign and distribute at your branches that send a clear message, “Don’t Take My Credit Union”. You can download a printable version in our MAP Resources (log in required). You'll also find social media graphics there, and we have a new batch being uploaded to the social media kit. ​
  • For first-time members: The first step to getting started with MAP is to join the MAP Community. The MAP Community is a space for credit union advocacy professionals to connect with peers, ask questions, solve problems, get the latest information, and build knowledge. All the latest campaign templates and resources are housed there. If you have any specific questions about MAP, please reach out to Ann Petros.

You can find valuable resources at donttaxmycreditunion.org and americascreditunions.org regarding the tax-exempt issue. Last but certainly not least, we want to thank those who have sent letters to the editors, op-eds, posted on social media, and have taken other actions you in this effort so far.

If you have any questions or concerns, please do not hesitate to contact me for further information or resources.