In the world of financial services, credit unions continue to provide a steady, reliable, community-based alternative, CUNA writes in its updated white paper on the credit union tax status, released Thursday. CUNA’s research finds that, in 2017 alone, the credit union system created $15 billion in financial benefits to members and non-members alike.
“Credit unions’ tax status was conveyed in the earliest days of the American tax code to support and sustain a system of cooperative financial services that would provide an alternative to the for-profit banking sector and promote members' best interests,” said CUNA President/CEO Jim Nussle. “Alterations to that tax status would threaten the survival of the nation’s 5,700 credit unions, erode the financial well-being of 110 million credit union members and result in the loss of the broader benefits credit unions provide to society, such as promoting small business investment and financial literacy.”
Other highlights of the paper include: