Credit unions were founded in 1934 on the principle of “people helping people” as an alternative to Commercial Banks. Credit Unions are Not for Profit Cooperatives that return profits they make back to their members in the form of new branches, better rates on deposits and loans, and investments in the communities they serve. Credit Unions have a volunteer Board of Directors and do not have outside shareholders to pay. In return credit unions do not pay Federal Income Tax, however we do pay local property taxes. Bethpage Federal Credit union in 1941 was founded under the same structure and principles. Today, nothing has changed.
The American Bankers Association and Independent Community Bankers Association are now trying to convince the lawmakers that credit unions are not worthy of the tax exemption and are lobbying Congress to change credit unions’ tax exempt status under the new proposed tax reforms.
Recently, the ABA created a501(c)4 called the Financial Education and Advocacy Initiative to advance their agenda. The group has begun to run ads about taxing credit unions claiming that credit unions are unfair competition.
While we very rarely ask our membership to be involved in the advocacy process we have decided to join with credit unions across America on a campaign called DON’T TAX MY CREDIT UNION. The Long Island delegation in Congress as well as both NY Senators have always been very supportive of credit unions and credit union members, but they always tell us that if they are hearing from one side its always good to hear from the other.
- I’m one of 96 million Credit Union members
- Bethpage FCU was built to give me more; I’m a member not a stockholder
- Bethpage profits benefit its members not outside stockholders
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