Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Even Lawmakers Tweet: 'I Agree #DontTaxMyCU'
MADISON, Wis (7/24/13)--The "Don't Tax My Credit Union" message lit up Twitter yesterday--the day the Credit Union National Association declared as DontTaxMyCU Tuesday. And at least two congressmen were willing to join in--tweeting agreement with the "Don't Tax" message, and one adding that credit unions are an "essential banking option" to consumers in his state.
 
U.S. Rep. Lloyd Doggett (D-Texas) tweeted his support of credit unions' tax exemption.
U.S. Rep. Lloyd Doggett (D-Texas) tweeted  in support of credit unions tax-exempt status from his handle@RepLloydDoggett with these words: "I support credit unions as essential banking options to all Texans. Having worked with #creditunions for 3+ decades, I agree #Don'tTaxMyCU."

Also, Rep. David Scott (D-Ga.) tweeted a reply directly to Delta Community CU's post.  The lawmaker agreed that the credit union's members, many of whom reside in his district, "should not be taxed for using a non-for-profit CU."
 
CUNA's staff was busy Tuesday monitoring the day-long deluge of tweets in CUNA's one-day social media campaign to send a unified message to Capitol Hill that a tax on credit unions would be a tax on 96 million member-owners.
 
"Things are still in progress, but we're happy with what we're seeing so far," said Trey Hawkins, CUNA's vice president of political affairs. CUNA will have a report today about the number of contacts made with the nation's lawmakers expressing the need to preserve credit unions' tax-exempt status, he told News Now Tuesday.
 
Members went to bat for their credit unions.  Some examples:
  • Stacy Hovan @stacysiglin Banks needed bailout money, give profits to shareholders & bonuses to CEOs. #Creditunions give profits to members & community. #DontTaxMyCU
  • THE Brian Trotter @btrott3232s: @SenAlexander I am a member-owner of a TN credit union. Taxing it will take $$ from my pocket. Please #DontTaxMyCU #DontTaxMyCU
  • Dizzy Felkel @DizTrain; @LindseyGrahamSC @RepTomRice @SenatorTimScott Big banks won't make our loans, they're "too risky" Americans need credit unions #donttaxmycu
  • Dave Boden @dboden6m Don't hurt American consumers! #DontTaxMyCU @alfranken @amyklobuchar
  • Mike Wilson @mwilly3311m @SenTedCruz @JohnCornyn TX Senators take the lead! PLEASE #DontTaxMyCU CU's are a great source for the underserved, don't take that away!
  • Jeremiah DeGollon @JJDeGollon1m @RepSeanDuffy Please support my credit unions tax status! My family saved $795 last year because we bank with @SummitDoMore #DontTaxMyCU
  • Mike Wilson @mwilly338m Good info for the #DontTaxMyCU drive http://www.donttaxmycreditunion.org/  CUs are a great source of employment & financial support in their communities.
State leagues also helped coordinate the efforts, providing lists of legislators' Twitter addresses and the #DontTaxMyCU and #DontTaxTuesday hashtags. Many of them also tweeted.
 
Even service providers and other organizations got in the grassroots mood. Grand Rapids, Mich., based CU*Answers and its cuasterisk.com network urged staff and client credit unions to take part in the CUNA-sponsored campaign and tweet their legislators. "This tax exemption is crucial in maintaining the credit union difference  as it allows credit unions to offer their members lower loan rates and fees and higher savings rate," said the technical solutions provider.
 
News Now also spotted tweets from the National Credit Union Foundation staff, Credit Union House, CUNA Mutual Group, and more.
 
The event, of course, drew the attention of bankers.  The Independent Community Bankers Association tweeted : "ICBA to #Senate: tax exemption 4 large CUs, opp to broaden #tax base, raise revenue & improve fin svcs marketplace."

The mass media, meanwhile, are paying attention to credit unions' battle to preserve their tax exemption in their own publications and broadcasts. See related News Now story Mass Media Paying Close Attention To Tax Battle.
RSS print
News Now LiveWire
.@TheNCUA :Low-income CUs can expand services to members, train staff,collaborate for efficiencies w/more than $1M in grants awarded 2day
4 hours ago
.@CUNA joins 11 other financial service orgs urging @SenateFloor to take up #CISA to strengthen cybersecurity information sharing
5 hours ago
.@RedwoodCU and its staff donated a combined $5,100 toward AIDS Walk San Francisco. The CU is a longtime sponsor of the event.
5 hours ago
See the latest from @CUNA's CompBlog on Customer Due Diligence. http://t.co/rzOzDUpNMT
5 hours ago
New #FinCEN proposal would strengthen, clarify due diligence obligations for financial institutions. http://t.co/2yxVUXCrYA
5 hours ago