The importance of not-for-profit credit unions in the marketplace is as significant today as it has ever been, CUNA wrote to House Ways and Means Committee leadership Thursday.
The letter was sent for inclusion in the record for the committee’s hearing on tax reform, and urges Congress to preserve the credit union tax status.
“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,” the letter reads. “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.”
CUNA believes Congress should preserve the credit union tax status because:
CUNA remains engaged with policymakers on tax reform discussions, including in Congress and with the Department of the Treasury, which released a broad outline of President Donald Trump’s tax reform agenda in late April. More details are expected from the administration in June.