About Credit Unions

Don’t Tax My Credit Union Tuesday — and how it impacts you

Once again, the Banking Lobby is asking congress to repeal the Federal corporate income tax exemption for credit unions.  As Congress considers comprehensive tax reform, big banks and others in Washington think it’s a good idea to tax credit unions.  Banks see credit unions as competitors, while credit unions are anything but competition for banks.  Unlike banks, credit unions operate under charters which limit their ability to raise capital and make business loans.  The banks conveniently leave those restrictions and other credit union benefits out of their plea to congress.

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Author SAC FCU Managing Editor

About Credit Unions

What is a credit union?

The 4 key differences between credit unions and banks.

As you look at your options for financial institutions, you may wonder, what a credit union is. Is it just like a bank? At first glance it may seem that way, considering both offer savings and checking accounts, ATMs, loans and more financial services. Both also provide you with the same amount of protection, using federal government agencies to insure your deposit accounts up to $250,000. Behind the scenes, though, banks and credit unions are different in many important ways.

 

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Author SAC FCU Managing Editor