Iowa Bankers are Trying to Raise Credit Union Taxes — Your Help is Needed!
Iowa bankers are lobbying legislators to raise taxes on credit unions and treat them like banks. Any tax increase on credit unions is ultimately a tax on YOU, our owners.
Contact Your Legislators now! – Ask them to oppose bank efforts to raise Credit Union taxes.
For decades, the credit union business model has saved Iowans money and provided access to credit that many could not get from a bank. Credit unions provide a unique not-for-profit, cooperatively-owned choice in the financial marketplace. However, the banking industry wants to eliminate credit union competition and increase profits for their stockholders.
As many of you know, MEMBERS1st is not owned by a select number of stockholders like banks. Every member of our credit union has one ownership share and one vote in electing our volunteer board of directors. MEMBERS1st Community Credit Union is in business for one reason — to serve our members by providing you with the best and most affordable financial services possible.
Due to our not-for-profit cooperatively-owned structure, credit unions have always been taxed differently from banks. But with tax reform being discussed at the state level, bank lobbyists are using this opportunity to try to convince legislators to raise taxes on credit unions, effectively taxing their competition out of the market. The state legislature is currently working on the contents of a tax reform bill, and we need your help to ensure a tax increase on credit unions is not part of that proposal.
Time is of the essence, please contact your state legislator today and ask them to oppose bank efforts to raise credit union taxes, so Iowans like you continue to have the ability to choose a not-for-profit financial partner. Any potential tax increase on credit unions is a tax increase on you, our members owners, and it would increase your cost of financial services. As a member-owner of our credit union your voice matters, so we’ve made it easy for you to speak up take action – just follow the links below to send your legislator an email or handwritten letter.
Thank you for your assistance in advocating for Iowa credit unions!
Contact Your Legislators
Please take a few moments today & let your voice be heard!
The Iowa Credit Union League has created a simple way for you to contact your state legislators – Ask them to oppose bank efforts to raise credit union taxes. Iowans like you deserve to have the ability to choose a not-for-profit financial partner.
You’ll be taken to a web page where you can enter your name/address and then edit a prepared email message. Simply hit “Submit” and it will be delivered to your state legislators.
You can also look-up your representative and mail them a handwritten letter.
- Visit ProtectFinancialChoice.com to stay up-to-date on important policy issues affecting your credit union.
- 2018 State Issues
- What is a Credit Union?