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For many of us, these early days of summer are more than just vacation season; they’re a time when we’re invited to reflect on the good things in our lives and the freedoms we enjoy. That has definitely been true for me lately. In particular, I’ve been thinking a lot about financial freedom.
Recently, for-profit financial interests have once again been pushing to eliminate the tax-exempt status of credit unions, and I’ve been considering what the loss of that essential benefit would mean for the financial well-being of the more than 142 million Americans who are member-owners of their credit unions. Congress granted this tax exemption to credit unions more than 90 years ago and has wisely chosen to uphold it ever since. Throughout this time, it has been a cornerstone of the structure and success of credit unions. For America First, it has been an invaluable part of what allows us to provide our members with the highest-quality financial products and tools, lower loan rates, higher returns on deposits, more personalized service, and more opportunities to invest in and support the communities we call home.
With that on my mind, I just wanted to take a moment to thank all of you who have reached out to your elected representatives in support of the continued federal tax-exempt status of credit unions. Your voices and advocacy truly make all the difference in the ongoing effort to safeguard these important tax protections and sustain credit unions and their vital role in the communities they serve.