About Credit Unions, News and Updates

Don’t Tax My Credit Union: An update from SAC Federal Credit Union

Last year, we noted in a blog post that the banking lobby was asking Congress to repeal the federal corporate income tax exemption for credit unions. Although that effort hasn’t resulted in a repeal, Congress is still considering the option as part of comprehensive tax reform, and it’s a decision that could have a major impact on SAC Federal Credit Union and its members. Read more…

Author SAC FCU Managing Editor

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