Tax status allows CUs to ensure 115M members come first
The credit union difference means all 115 million credit union members come first, CUNA President/CEO Jim Nussle said in a video released this morning. Speaking on the occasion of Tax Day, Nussle said those credit union members are “the boss” when it comes to the credit union movement.
Nussle also referred to several highlights of CUNA’s recent white paper on the credit union tax status, which found credit unions’ presence in the marketplace results in billions of dollars in consumer benefits each year, and that credit unions generated approximately $19.6 billion in federal and state taxes in 2017.
“Our tax status is responsible for $16 billion in consumer benefits in 2018 alone, a number bigger than any supposed benefit that would come from taxing credit unions,” Nussle said. “Credit unions are simply people helping people, and it’s out mission and structure that let credit unions do this.”
CUNA released a toolkit for leagues and credit unions last week to help credit unions highlight the community benefits that come with the credit union tax status and fend off any potential bank attacks.