Dear Credit Union Advocate:
As the year draws to a close, we thought it important to update you where we stand in our fight to protect your credit union. And we thank you for taking part in this fight.
All year long, we have pushed back at the Wall Street banks and their special interest lobbyists. The banker lobbyists want to use reform of the tax code as a Trojan horse to raise taxes on 96 million credit union members – all while eliminating their not-for-profit competition.
You were right there with us every step of the way, because you know your credit union’s earnings go to members like you, not some small group of Wall Street investors. And you know that the lower fees, higher interest rates on savings and more affordable loans you enjoy could be imperiled by new taxes on your credit union.
Through your efforts, we sent Congress more than 1.25 million messages since May – each one loud and clear: “Don’t Tax My Credit Union!”
Now, as Congress winds down its legislative year, it looks like the federal tax reform debate is being postponed until the spring session. However we are beginning to hear rumblings of new tactics in which banker lobbyists attempt to tax credit unions through state and even local governments.
While we are winning this fight, it’s clear we must remain vigilant. In fact, that’s exactly the message Connecticut credit unions got in this video from senior member of the tax-writing House Ways & Means Committee Rep. John Larson (D-CT):
As Larson says, “vigilance is eternal” in defense of our credit unions.
So we’re asking just that – that you remain vigilant, and stand ready to answer the call should we need it in the new year, whether in Washington, your state capital, or even your local community. We know the banks and their lobbyists aren’t holding anything back, and we can only expect more attacks to come.
But we know the 96 million Americans who like you love their credit union will be there to fight back when that new attack comes. And we’ll be sure to let you know as soon as we hear it coming.