Fortune Op-Ed Defines Imperative for Preserving the CU Tax Exemption

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Today, credit union advocates can read—or listen—to a just-released op-ed in Fortune, penned by America’s Credit Unions President/CEO Jim Nussle and Luminate President/CEO Juan Fernández Ceballos, who is a board member for the National Cooperative Board Association. The article, “Stop Trying to Hit Credit Unions with New Taxes – Millions of Americans Would Suffer,” defines the imperative for preserving America’s credit unions and cooperative financial institutions. 

“These member-owned organizations operate in every congressional district across the United States, serving over 140 million Americans and providing essential financial services that empower individuals, families, and businesses. However, ongoing discussions about tax policy threaten to undermine the very model that makes credit unions indispensable to communities across the country: cooperatives.

“Credit unions are one of the most successful examples of the cooperative business model, embodying the values of mutual support and democratic governance. These institutions are not merely financial service providers; they are the backbone of economic viability and freedom across the United States. Regardless of industry, the cooperative business model is a testament to the strength of people and communities working together.”

Read more or listen.

As policymakers begin to put pen to paper on a new tax package, the time is now to share your stories and data to ensure all members of Congress understand why they shouldn’t touch the credit union tax status.