Don't tax my credit union: Why we need you to act now

The Issue

Federal lawmakers are currently considering removing the credit union federal income tax status. Credit unions are not-for-profit financial cooperatives that offer lower fees, lower loan rates and higher savings rates than their counterparts, while also providing personalized service as a trusted community partner. Credit unions were originally started over 100 years ago as a community-based alternative to banks.

Adding a tax would devastate credit unions and would drastically change the way we operate. Credit unions play a crucial role in ensuring the financial health of their communities, especially underserved populations. 140 million Americans are credit union members because they are an important financial resource and help members reach their goals. Financial wellness is key to overall wellbeing. Credit unions are unique; 43% of Americans are credit union members, however credit unions represent just 8.8% of assets overall across financial institutions. This is because credit unions put their profits back in the hands of members in the form of lower fees, lower loan rates and better savings rates. 

Our Impact

Earthmover Credit Union was founded on August 15, 1958 and is now privileged to serve over 31,000 members. As a credit union, we are owned and operated by our members; not outside shareholders or investors. Our excess earnings are returned to our members. As a community-minded mission-driven organization, we prioritize our members’ needs above all else. A tax on credit unions would significantly impact our ability to serve our members.

We show up for our community every day. From operating a student-run branch in Oswego High School to fundraising for locals in need, to allocating monies for local non-profit organizations, we are fiercely dedicated to our community and the people in it. We provide quality competitive financial products, services and resources to you and your neighbors. Help us keep our current tax-exempt status and stand up for your right to quality financial service. 

Act Now

We do not take the decision to ask our members to advocate for us lightly. This is a fight for everything we stand for. You can find out additional information about this issue on donttaxmycreditunion.org. On this website, you can send out a prewritten message voicing your support to lawmakers. Contacting your lawmakers is a powerful way to make a change.

Let federal lawmakers know how important your credit union is to you. A tax on credit unions is a tax on our members.

What Happens Now?

Federal lawmakers are moving quickly to assess whether credit unions will face an added tax. When any new information regarding this issue is released, we will update this page. We are committed to keeping our members updated during this time and encourage you to contact lawmakers.