Don't Tax My Credit Union

posted on Monday, May 5, 2025 in Announcements

Protect What Matters: Advocate for Your Credit Union Today

As a valued member of Community 1st Credit Union, your voice plays a powerful role in shaping legislation that impacts your financial well-being. As Congress moves through the 2025 session, tax reform has emerged as a key topic of debate - and your credit union’s future could be affected.

As you may know, credit unions are exempt from federal corporate income tax due to our structure as not-for-profit, financial cooperatives. This business structure allows us to take the savings from the tax exemption and invest them directly to the benefit of our members in the form of better rates on loans, lower fees, and higher rates on savings accounts. Statewide, Iowa credit union members saved $142 million last year versus what they would have paid at a bank for the same services.

However, all tax exemptions are on the table in Congress this year and the banks are continuing their decades-old efforts to tax credit unions like banks. As cooperatives, any such tax increase would ultimately impact you and the 1.5 million credit union members in Iowa.

We need your help reaching out to your U.S. Representative and Senators to let them know how vital it is to oppose any tax increase on credit unions—which is a tax on our members.

How Can I Help?

Please take a moment to visit https://www.votervoice.net/IACUL/campaigns/120865/respond to send an email to your lawmakers.  You can edit the message and, with a couple clicks, it will be sent to both Iowa Senators and your Representative.

Your voice matters. Your action counts. Help protect your credit union benefits as a proud member of Community 1st Credit Union.