NEW YORK, N.Y. (7/3/13)--Credit Union National Association President/CEO Bill Cheney told a nationwide audience in a Tuesday appearance on Fox Business Network's Markets Now that "consumers deserve a choice, that's why it's so important to preserve the [credit union tax status]."
|CUNA President/CEO Bill Cheney discussed the Don't Tax My Credit Union! campaign in his Fox Business Network interview. (CUNA Photo)|
A tax on credit unions would be, in effect, a tax on 96 million Americans, Cheney noted. "If you tax credit unions, you eliminate credit unions, and I don't think anyone wants to see credit unions go away." The only people suggesting that credit unions should be taxed are banks, who don't want the competition, he explained.
In the interview, Cheney discussed the ongoing tax reform efforts in the U.S. Congress, how legislators are taking on the task of tax reform, and why it is vital that the credit union tax status is preserved.
He also discussed the benefits that the credit union tax status provides to members and non-members alike. Credit unions are a better deal, and it's not just because of the tax exemption, he said. Credit union members and bank customers both benefit, as banks are forced to lower their rates in some cases, Cheney added.
Credit unions and their supporters are already fighting to ensure the credit union tax status remains unchanged, and more than 230,000 separate congressional contacts have been made since mid-May as part of a groundbreaking CUNA/state credit union league advocacy effort. Members are using CUNA/league resources, social media sites including Facebook and micro-video site Vine, to tell their legislators, "Don't Tax My Credit Union!" This pro-credit union message is also being shared through Twitter feeds, CUNA's Twitter handle @CUNAadvocacy and the hashtag, #DontTaxMyCU.
'We started early and we're going to ramp up our efforts and get credit union members involved," Cheney said.
"Credit union members support their credit union because they own the credit union, they're a part of the credit union family and they want to take action to protect their credit union," the CUNA CEO said in closing. Cheney was in New York for CUNA's America's Credit Union Conference, which ends today.
For the full interview and more on credit union tax advocacy efforts, use the resource links.