Tell Congress: Don't Tax My Credit Union!
When you joined ProFed Credit Union, you didn't just become a member but a valued member-owner. Unlike banks owned by stockholders, credit unions are cooperatives owned by the members who deposit their money. This unique ownership structure means you have a say in how we operate and the benefits we provide. As not-for-profit financial cooperatives, we take a “people first” approach, and we're thrilled to have you as a part of our credit union family.
What does this mean for you? Because ProFed Credit Union is not-for-profit, any earnings not needed for reserves or operations are returned to you, our members. This translates to higher rates on savings, lower rates on loans, and lower fees on services. Unlike for-profit institutions, our focus is serving and helping you achieve financial success. This unique structure empowers you with financial security and control over your money.
Our board of directors is made up of volunteers of dedicated members of ProFed and our team works hard to be sure that our member-owners have the services they need and the positive experiences they deserve. Because credit unions are not-for-profit and have a cooperative structure, credit unions do not pay corporate income tax on profits. The savings are an essential part of our structure and help allow us to provide important financial services to our members and make an impact in our community.
While not always popular with the for-profit banking industry, our not-for-profit structure and tax status give us a unique advantage. Credit union members save millions of dollars more per year than if they could only go to a bank, and these savings far outweigh the value of the tax exemption. As Congress considers significant tax legislation this year, we will actively work to protect and preserve the tax exemption necessary to serve you and our member-owners. We cannot afford to take this risk lightly, and we need to aggressively defend the tax exemption for credit unions of all sizes.
The Indiana Credit Union League, our state's credit union trade association, is making protecting credit unions' federal tax exemption its top advocacy priority for this year. Congress is busy writing major tax legislation that it must pass to prevent significant tax cuts passed in 2017 from expiring at the end of the year. We have reached a critical point in the congressional process, and we are launching an action call designed to make it easy for people to send messages to our congressional delegation urging them to protect the credit union tax exemption. We are launching this through the League's Grassroots Action Center.
To support these efforts, click or tap here to take action. Your support is crucial in our mission to protect the credit union tax exemption. When you get to the site, click or tap on Tell Congress: Don’t Tax my CU! You will need to update the profile with your information. If you have any questions, please contact the ProFed Member Service Team. Thank you for being an integral part of our credit union community!