WASHINGTON—The credit union tax exemption allows CUs “to reach out in areas banks couldn’t and serve those that banks wouldn’t,” according to a letter sent by NAFCU to Congress.
The letter was accompanied by a one-page information sheet that seeks to detail how credit unions use their tax-exempt status to serve their members and communities.
In the letter, NAFCU Senior Vice President of Government Affairs Greg Mesack said concerns about the banking sector have caused “real questions about financial stability,” while credit unions continue to be consumers’ and small businesses’ best source of safe, secure, and reliable financial services at an affordable price.
‘Well Capitalized’
Mesack wrote that credit unions operate as mutually owned financial cooperatives that put people over profits, while remaining accessible in regions where banks have closed branches. He further wrote that the industry remains well capitalized with over 90% of deposits insured by the federal government.
“By every account this legislation has been an unparalleled success,” said Mesack. “Today, credit unions serve over 135 million Americans, and still stick to that basic mission of providing safe, affordable financial services products to Main Street America.”
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