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:
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. Comments are closed.
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