CUNA urged Congress to retain and reaffirm the credit union tax status, and outlined the importance of not-for-profit financial cooperatives in a letter sent to the Senate Finance Committee Monday. The letter was sent in response to a committee request for comments and proposals as it continues its work on tax reform.
“The importance of having not-for-profit credit unions as vibrant and viable alternatives in the financial services marketplace is as significant today as it has ever been. 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,” wrote CUNA President/CEO Jim Nussle. “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.”
Specifically, CUNA believes the credit union tax status should be preserved because:
The Senate Finance Committee will conduct a hearing Tuesday, starting at 9 a.m. (ET) on tax reform prospects and challenges. It will be streamed live on the committee’s website