Don’t Tax My Credit Union
At TruMark Financial, we’ve always been dedicated to supporting your financial well-being by offering great rates and lower fees and investing in our communities. One of the key reasons we can do this is because of our tax-exempt status, which allows us to pass on these benefits to you. However, this status is periodically challenged, and right now, we’re facing one of those critical moments.
Federal lawmakers are currently working on tax reforms, and that could lead to a new tax on credit unions – and the members we serve. It’s essential that we act now to make sure our local lawmakers understand how eliminating the credit union’s federal income tax status would negatively impact the very people they were elected to serve.
That’s why we need your support more than ever.
We’re inviting you to join us in the Don’t Tax My Credit Union movement by clicking the button below to send a message to your U.S. Representative and Senators to tell them to oppose any effort to add a tax on credit unions. By protecting the tax-exempt status that allows credit unions like ours to serve you, we can continue providing the valuable services that save you money and help strengthen our community. Your voice truly matters, and with your support, we can ensure TruMark Financial remains a resource that benefits you and others for many years to come. Thank you for being a part of what makes TruMark Financial special.
Why credit unions are needed
Credit unions got their start in the U.S. when banks refused to serve working Americans. They provided a needed alternative so families, farmers, small business owners, and others left behind by banks had financial options.
For more than 100 years, people have come together to be a part of credit unions, not-for-profit financial cooperatives, and support each other through tough financial times.
Today, the mission remains the same: to empower people and provide them with the financial tools they need to improve their lives. Credit unions continue to be a lifeline for millions of Americans who want a more ethical, community-focused alternative to traditional banks.
Credit unions do pay taxes
Congress recognized the importance of the credit union movement and provided credit unions with the federal income tax status to ensure they continued to meet the needs of underserved people and communities. Credit unions pay billions in state and local taxes each year. The only exception is the federal income tax on profits. And that’s because those profits are returned to you.
More and more people across the country are joining you in choosing to belong to a credit union because they witness the power and benefits of the credit union movement to strengthen the financial well-being of individuals and communities.
Credit unions are not-for-profit
Where other financial institutions are focused on earning profits for their shareholders, credit unions return their earnings to members in the form of lower rates on loans, higher earnings on deposits and lower fees.
Even as the credit union movement has grown, it remains a small but vital part of the financial landscape: Credit unions serve 43% of all Americans, but hold only 8.8% of assets in financial institutions, a clear indication of efforts to help people build their savings and improve their finances. The remaining 91.2% of Americans’ assets are held by banks. But that hasn’t stopped banks’ from wanting to eliminate their competition. That’s why they want Congress to eliminate the credit union federal income tax status.
Eliminating this would mean all of the things people love about credit unions would be eliminated too. And at the expense of members like you.
What’s at stake?
Credit unions exist to serve you, not shareholders—and our tax-exempt status allows us to offer lower loan rates, higher savings returns, and fewer fees. If Congress eliminates this status, your financial benefits could be at risk. Now is the time to take action!