CP Federal is your credit union! As a member, you are an owner and a voice! It's important to stay up to date on important credit union issues that pertain to you and your rights as a credit union member. By staying informed on important issues from regulations and legislations to the credit union movement and financial education, you can be a positive impact on your future and ensure that we remain the best financial service option for you.
Don't Tax My Credit Union
Credit unions are exempt from the federal income tax because they are not-for-profit and member-owned/member controlled. Credit unions offer lower interest rates on loans, lower fees, and higher returns on savings ... more than $5.8 billion in direct financial benefits each year to the 96 million Americans who belong to credit unions.
Since credit union members own their credit union, a tax on credit unions is a tax increase on 96 million Americans. Take action today!
Tell Congress: Don't Tax My Credit Union!
Click here to contact your U.S. Representative and Senators.
Credit unions have made collaborative banking a successful way of life for millions, while offering first-rate member service and impressive savings. Americans are craving the good that will come when they choose a credit union as their best financial partner. The time is now...let's Unite for Good.
A Letter from John Crist, President/CEO
I am writing with a crucial message to seek your support for CP Federal Credit Union as we face a key issue that could drastically impact the way we operate.
Credit unions promote the economic well-being of their members, especially those of modest means, through a system that is member-owned, volunteer-directed and not-for-profit. The credit union mission has always been to ensure secure financial choices at lower costs for our members. We are invested in our members, small businesses and the local community. CP Federal operates under the philosophy of "People Helping People. We return benefits to our members in the form of higher returns on savings, lower interest rates on loans and lower fees. These differences demonstrate our not-for-profit operation and tax-exempt status.
Unfortunately, the big banks and some in Congress want to raise taxes and impose new fees on 96 million credit union members who represent 40% of all Americans by taxing credit unions like CP Federal Credit Union. And, they want to do this despite the fact that credit unions are not-for-profit and meet their core mission every day. Since credit unions are not-for-profit, taxing credit unions could eliminate them, consequently eliminating financial choice for consumers.
Some individuals and groups would like you to believe taxing credit unions will help cut the American budget deficit. However, that simply isn't true. For every $1 in new taxes on credit unions, the government would wipe out $10 in benefits to credit union members and consumers. Taxing credit unions is not only bad for our nation's economy, it is harmful to you the member.
That's why I am writing to urge you to send a strong message to Congress: "Don't Tax My Credit Union."
Taking action is simple. Click here to contact your U.S. Representative and Senators. While visiting the site, you can navigate through additional helpful information including videos, social media campaigns, and updated information on the issue. Most importantly, you can learn more about how you can help us tell Congress, "Don't Tax My Credit Union!"
Don't let Congress raise taxes on 96 million credit union members. Don't let Congress eliminate real financial choice. Don't let Congress destroy our credit unions. Take action today!