Don't sleep through the vote! Tell congress, "Don't tax my credit union!"

What’s this all about?

Credit unions are cooperative, not-for-profit institutions that pay billions in federal, state, and local taxes each year. This year, Congress and the current administration are discussing tax reform, and part of that is whether or not credit unions should pay federal income tax.

A federal income tax on credit unions would affect not only your credit union but you as a member. We currently return our profits to our member-owners through better rates on loans, higher dividends on savings accounts, and fewer fees. A federal income tax would reduce our ability to pass these savings on to you and could completely change the way we do business.

How did credit unions become exempt from federal income taxes?

Credit Unions were born out of the need for a financial institution that served the working class. In America, President Roosevelt signed the Federal Credit Union Act in 1934 to create the framework for credit unions as we know them today. In 1951, the passage of the Revenue Act exempted federal and state-chartered credit unions from paying federal income tax.

Credit Unions exist to assist members and the community by putting the needs of our members and our communities first. Like other nonprofit and not-for-profit organizations, our tax-exempt status allows us to directly return our profits back to our members while supporting and investing in our local community.

How could this tax affect Revity FCU?

Revity is committed to meeting our members wherever they are in their financial journey. This means investing in technology, branches, products, and services that help get our members where they want to be. We are also committed to investing in our community through partnerships with neighborhood organizations and nonprofits. If the federal income tax on credit unions becomes a reality, we could see:

  • Rates will become more on par with banks—lower dividends, higher interest on loans, higher fees, and implementation of fees we don’t currently have
  • Less money spent on technology in-branch and over our mobile app
  • Branch closure for lower-traffic locations
  • Less community involvement and grants for our nonprofit partners

What can I do?

Congress is set to vote on this within the next few weeks at the earliest. We are asking everyone contact their representatives and tell them, “DON’T TAX MY CREDIT UNION!”

Tell them in less than 30 seconds:

  • Visit DontTaxMyCreditUnion.org and fill out the form to send a pre-written letter to your Congresspersons based on your Zip Code!
    • If you’ve got a couple more minutes, the form also lets you add your own personal message!

I’ve got some time!

We appreciate you making your voice heard on this issue. For more information on what a federal income tax could mean for credit unions nationwide, visit DontTaxMyCreditUnion.org.