CUNA letter supporting preservation of credit union tax status in advance of this week’s hearing
WASHINGTON, DC (April 13, 2016) —
The Honorable Charles Boustany
Chairman
Subcommittee on Tax Policy Committee on Ways and Means
United States House of Representatives Washington, DC 20515
The Honorable Richard Neal
Ranking Member
Subcommittee on Tax Policy Committee on Ways and Means
United States House of Representatives Washington, DC 20515
Dear Chairman Boustany and Ranking Member Neal:
On behalf of the Credit Union National Association (CUNA), I am writing in strong support of the preservation of the credit union tax status. CUNA represents America’s credit unions and their more than 100 million members. Credit unions are Americans’ best option for financial services, and the credit union tax status represents one of the best investments that the government makes in its citizens. We urge Congress to retain and reaffirm the credit union tax status.
The importance of having not-for-profit credit unions as vibrant and viable alternatives in the financial services marketplace is as significant today as it has ever been. Credit unions provide accessible and affordable basic financial services to people of all means and encourage the equitable distribution of capital across all individuals, families, communities and small businesses. Credit unions infuse financial market competition with multiple and differentiated competitive business models. They help keep financial services accessible – and affordable- for all consumers, whether they are members of a credit union or not.
In the aftermath of the financial crisis, more Americans are choosing credit unions as their best financial partner. In fact, more than 12 million Americans have joined credit unions since 2008. Some may have joined because their bank failed, moved or was acquired by another institution; and others may have joined because they grew frustrated with the policies and fees of the for-profit sector. What’s important is that consumers needed a traditional bank alternative, a healthy credit union system with the capacity to grow was ready to serve them.
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About CUNA
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 135 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.
