WASHINGTON – Ending credit unions' federal tax exemption would cost the country billions in lost revenue and jobs, according to a study commissioned by NAFCU and released Wednesday during the trade group's Congressional Caucus.

Research presented in a report – titled “Economic Benefits of the Credit Union Tax Exemption to Consumers, Businesses and the U.S. Economy” – found that loss of the credit union tax exemption would cost the federal government $15 billion in lost tax revenue, $148 billion in GDP, and 1.5 million lost jobs over the next decade.

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“This study shows how vitally important credit unions are to all Americans, not just those who are members of a credit union,” said NAFCU CEO Fred Becker. “It is clear that the benefits of the credit union tax exemption are a great boon to our overall economic welfare and prosperity and that its preservation should be of the highest priority.”

Researchers found that consumers benefited by $10 billion per year because credit unions are exempt from federal taxation and that, counter intuitively, taxing credit unions would result in a net tax loss of $1.5 billion because of the loss in consumer income from fewer credit unions in the marketplace, NAFCU said.