America's Credit Unions sign at GAC on March 3, 2025.
The fight to protect credit unions’ tax-exempt status is gaining momentum as major industry players step up with significant financial contributions. Alloya Corporate Federal Credit Union ($7.8 billion, Naperville, Ill.) and TruStage have each committed $250,000 to America’s Credit Unions’ National Advocacy Fund to support the “Don’t Tax My Credit Union” campaign.
Alloya announced its donation Wednesday, emphasizing the vital role credit unions play in serving communities. “People helping people should not require additional regulation or taxation,” Todd Adams, Alloya’s CEO, said. “Alloya is proud to make this investment and help credit unions tell their amazing story.”
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David Suvall, Alloya’s board chair, echoed this sentiment: “Alloya’s mission is to support credit union success. This contribution reinforces our commitment to ensuring credit unions continue providing high-value services to their members.”
CU Times asked America’s Credit Unions about the amount of donations they have received to assist in funding the “Don’t Tax My Credit Union” campaign. While the organization did not provide an amount, Chief Advocacy Officer Carrie Hunt said, “America's Credit Unions has been working to elect bipartisan credit union champions for years to help ensure that our voice is heard on issues affecting the credit union industry on Capitol Hill – including tax reform. That work is ongoing. We are proud to see the leagues, individual credit unions and business partners contributing in a multitude of ways, from grassroots to storytelling to funding our advocacy efforts. It’s clear that credit unions understand the threat to our tax status and are willing to fight for their 142 million members who choose credit unions as their financial partners.”
TruStage also pledged $250,000 to the campaign at the Governmental Affairs Conference in Washington, D.C. Terrance Williams, TruStage’s president/CEO, highlighted the urgency of defending credit unions’ tax-exempt status as lawmakers explore tax reforms.
TruStage Vice President Megan Balogh noted, “Rather than shy away from this challenge, TruStage is stepping up with our credit union partners. This announcement is one demonstration of that.”
The “Don’t Tax My Credit Union” campaign, launched last year, is focusing on political advertising and grassroots advocacy. America’s Credit Unions President/CEO Jim Nussle thanked both organizations, stating, “Winning this fight is our only option.”
With threats to the tax exemption growing, industry leaders are rallying resources to ensure credit unions can continue delivering financial benefits to their 140 million members.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
