WASHINGTON-- America’s Credit Unions wrote to members of the House Ways and Means Committee Monday, focusing on fundamental facts about the credit union difference and what’s at stake if the credit union tax status is removed as part of tax reform.
The committee is working on its portion of the budget reconciliation bill, and reports indicate it may mark it up as soon as next week.
“Not-for-profit credit unions focus on serving working families, farmers, and small businesses, not making a profit for stockholders,” the letter states.
ACU said lawmakers also received detailed fact sheets, helping push back on recent "misleading" bank attacks on large credit unions.
The information highlighted:
- The difference between member-owned, not-for-profit financial cooperatives and for-profit banks, including the structure, where earnings go, and more
- There are no differences between large and small credit unions when it comes to mission, structure, support of members, and investing back into the communities they serve