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Don’t Tax My Credit Union

Did you know …? There is a reason credit unions are exempt from income taxes.

It’s because all credit unions are not-for-profit cooperatives that are owned by their members. And while the members come from all walks of life‚ by and large those who belong to credit unions are everyday people — 97 million of them‚ in fact‚ across the U.S.

As not-for-profits‚ credit unions return what they earn to their members in the forms of lower rates on loans, higher returns on savings and lower and/or fewer fees.

In fact‚ for every $1 of their tax exemption‚ credit unions return $10 to consumers in better rates and lower fees. That’s a solid investment in our communities. Now some (mostly banks) say credit unions should pay income taxes even though it was banks (not credit unions) that took huge governmental bailouts.

The truth is if credit unions were taxed — and remained not-for-profits — it’s unlikely their members could continue to receive lower rates on loans, higher savings returns, and low fees.

About the Cooperative Credit Union Association

The first credit unions in the nation were formed in New England and so too were the first credit union trade groups. The three state leagues that came together to form the Cooperative Credit Union Association each had a long and proud history of service.

One of the Massachusetts Credit Union League predecessor groups, the Credit Union League of Massachusetts, dates back to 1919 and is the first credit union trade group ever formed in the United States. The Credit Union Association of Rhode Island began serving credit unions in 1934, and the New Hampshire Credit Union League began in 1954. In 2014, the credit unions of these three states voted and approved their merger into the Cooperative Credit Union Association (CCUA). In 2016, Delaware credit unions joined the CCUA fold when the Delaware Credit Union League’s member credit unions unanimously voted to merge with CCUA.

History of DCUL

The first credit unions in the nation were formed in New England and so too were the first credit union trade groups. The three state leagues that came together to form the Cooperative Credit Union Association each had a long and proud history of service.

One of the Massachusetts Credit Union League predecessor groups, the Credit Union League of Massachusetts, dates back to 1919 and is the first credit union trade group ever formed in the United States. The Credit Union Association of Rhode Island began serving credit unions in 1934, and the New Hampshire Credit Union League began in 1954. In 2014, the credit unions of these three states voted and approved their merger into the Cooperative Credit Union Association (CCUA). In 2016, Delaware credit unions joined the CCUA fold when the Delaware Credit Union League’s member credit unions unanimously voted to merge with CCUA.