WASHINGTON—America’s Credit Unions has launched a digital ad campaign targeting key members of Congress in an effort to further defend the credit union tax status.
As CUToday.info has extensively reported, Washington insiders believe this year’s tax fight—as the government rewrites the tax code—will be one of the toughest the movement has faced. CUToday.info also reported that a document is being circulated among House Republican members that identifies numerous ways the Trump Administration can find money to support the budget reconciliation bill—and the credit union tax exemption is on the paper.
ACU Chief Advocacy Officer Carrie Hunt emphasized the campaign focuses on ensuring policymakers understand the credit union difference and makes sure policymakers understand certain issues have been “politicized” by banks.
ACU’s effort takes two primary tacks: A video commercial that is running on streaming services in the home districts of key members of Congress, such as those on the Senate Finance Committee and the House Ways and Means Committee. The ads point out bankers want to take away credit unions’ tax exemption, and how that will hurt local communities and simply benefit Washington.
In addition, America’s Credit Unions, state leagues, and individual credit unions are holding targeted meetings with lawmakers to “ensure the impact of credit unions’ tax status is understood and to push back against any misinformed arguments coming from banks, others,” ACU said.
Materials used in the meetings include an information deck that addresses “myths, facts and recent trends” about the credit union tax status.
The materials, among many points, show comparisons between banks and credit unions and also the value of the credit union tax exemption to the economy overall. The materials, too, point out that credit unions and their members make substantial contributions to tax revenues.
Hunt stressed that ACU’s efforts are in lockstep with its league partners on what she termed an extensive campaign.
“This is not just coming from America's Credit Unions, but is has the participation all of our partners and credit unions all across the country, she said.