Posted by brichards on May 16, 2013
Dear ICFCU Member:
As a member of Industrial Centre Federal Credit Union you know that we offer financial services and products emphasizing quality, service and value and that our employees have extensive experience helping people chart a smart financial future. You also know that we are unique from all other financial service providers, including banks, because we’re not-for-profit and owned by members like you. This structure allows us to look beyond the bottom line and invest time and resources in financial services and products that we think will be genuinely beneficial to our members.
Because credit unions are not-for-profit member-owned financial cooperatives, we’re exempt from federal income tax. Every dollar earned beyond those we need to cover operational expenses – or socked away in reserves to cover ups and downs of the economy – is handed back to our members in the form of better rates and lower fees and a variety of other member benefits.
Now, Congress is considering tax reform legislation that has the potential to put credit unions’ tax exemption at risk. If credit unions were forced to pay taxes, as not-for-profit entities, members like you would shoulder the burden of those new taxes. We would be forced to make up the difference by charging higher rates on loans, paying less on savings – and implementing new fees. A tax on credit unions is really just a tax on credit union members like you.
Today I am writing to ask you to write to our U.S. Senators and Representatives to send them a strong message: “Don’t Tax My Credit Union.” It is easy to take action by visiting http://bit.ly/donttaxmycu to send a pre-written message to your elected representatives. It only takes a couple of minutes. By taking action now, credit union members can impact Congress and help your credit union.
Thank you for being a member of ICFCU!
Kim Hanna, CEO
Industrial Centre Federal Credit Union