"Don't Tax My Credit Union" is a national campaign dedicated to ensuring Congress doesn't raise taxes on credit union
members nationwide and preserves financial choice for consumers. Join us today to share your story and tell Congress:
"Don't Tax My Credit Union"
As a member, you know that 1st Financial Federal Credit Union is owned and directed by you. Unlike banks that maximize
profits for a small group of investors, credit unions exist to serve their members, including working families, small businesses,
and the local community. Because we return benefits to our members, we are able to offer higher returns on savings, lower
rates on loans, and most importantly, fewer fees. That's why your credit union is not-for-profit and tax exempt.
The federal deficit now has lawmakers eyeing the tax-exempt status that's helped 1st Financial Federal Credit Union and
thousands of other credit unions provide a secure place for member savings since the 1930s. The House Ways and Means
Committee is basically starting from scratch, and all exemptions are getting a new look, including the one that's been in place
that exempts credit unions from paying federal corporate taxes.
Preserving this exemption is crucial for you, your credit union and credit unions around the country. This page explains the
details. We hope that after learning more about this issue, you will understand why protecting the exemption is in your
best interest. Ultimately, we need you to tell Washington "No" to CU taxation.
Efforts to tax credit unions are less about reducing the deficit and more about eliminating an important consumer alternative
to banks. Unlike banks that maximize profits for a small group of investors, credit unions exist solely to serve members like
YOU. Competition from credit unions benefits all consumers by helping keep banks in check.
The credit union benefit to taxpayers outweighs any cost benefit to changing the federal income status of credit unions. For
every $1 in new taxes on credit unions, the government would wipe out $10 in benefits to credit union members and consumers.
On average, credit unions give back nearly $130/year to member households. We are able to do this through lower rates on
loans, higher rates on deposits, and fewer/lower fees. By taxing credit unions, Congress would be taxing you and me because
rates on loans would be higher and savings would be less.
We support the idea of all taxpayers paying their fair share. And credit unions DO pay taxes – property taxes, personal
property taxes and payroll taxes, just to name a few. However, the CU federal taxation issue is not fair to consumers like you.
As a member-owner of this credit union, the credit union's money is your money and profits are returned to you - which you
pay taxes on. If your credit union gets taxed, your money is taxed twice and that's less money in YOUR pocket.
1st Financial is a financial cooperative. We are governed by a VOLUNTEER Board of Directors; comprised of people like you and
me. Credit Union decisions are based upon doing what is best for our 34,000 members. Unlike banks that maximize profits for a
small group of investors, credit unions exist to serve their members. We do that by returning benefits to our members in the
form of low or no fee products and services, and lower Annual Percentage Rates (APRs) on loans. In addition, we offer free
financial seminars and do our best to help members make the most of their hard earned money. After all, we would not exist
without our member – owners.
It was because of our structure and dedication to our members that credit unions were granted the tax exemption in 1934 and
neither of those things has changed over the past 79 years.
It's easy to have your voice be heard. Take action by simply writing your legislators and show them how your credit union lives
the Credit Union Difference and deserves its tax exemption.
Thank you for your help on this important issue, and as always, thank you for your membership. Saving you money. Making
you Money. Saving you Time. That's why we exist. Without you…we don't exist. Please help preserve your credit union today
and tell Congress NO!