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The persistent narrative promoted by the banking industry misrepresents the purpose and impact of the credit union tax exemption. These misconceptions both distort public understanding and jeopardize the impact credit unions can continue having on over 140 million Americans.
Correcting this rhetoric and urging Congress to safeguard the tax-exempt status of credit unions is more imperative than ever before. We’ve seen similar attempts, with Congress ruling to preserve this long-standing regulation in 1998 and 2017, recognizing how credit unions serve a unique and important role within the financial services landscape.
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