Protecting Our Tax Status
The challenge to credit unions' tax-exempt status is gaining momentum in Washington, and staying informed is crucial. MCUL CEO Patty Corkery discusses why this issue matters and how you can take action to protect credit unions and their members.
What's at Stake...
- 60% of the Michigan population are credit union members. 43% of all Americans belong to a credit union.
- Michigan credit unions employ over 19,000 people.
- Credit unions around the country opened nearly 1,400 branches while banks closed some 19,000 branches over the last 10 years.
- In 2024, Michigan’s not-for-profit, member-owned credit unions delivered over $1 billion in benefits to members and non-members in 2024.
- In 2024, Michigan credit unions provided financial well-being programs that touched over 19,000 high school students and gave more than 17,000 financial education books to Michigan children.
A Tax on Credit Unions is a Tax on Members
Every $2 billion Congress invests in this exemption generates $208 billion in economic impact, fueling local economies, creating jobs and supporting small businesses.
Despite serving 43% of Americans, credit unions hold only 8.8% of total financial institution assets, while banks control the other 91.2%.
Yet, banks continue to push for the removal of credit unions’ tax exemption to eliminate competition. If that happens, consumers will be the ones who suffer.
What YOU Can Do: Resources to Make Your Voice Heard
Congress needs to hear loud and clear from the people who will be hurt the most if banks succeed in eliminating credit unions’ tax-exempt status — that's YOU. Use the resources here to contact your representatives, spread the message and take action to protect your credit union. Your voice matters. Now is the time to speak up!
Grassroots Activation Center Contact Congress Now
America’s Credit Unions has a pre-written message ready to send directly to your lawmakers. It takes less than two minutes.
Member Activation Program (MAP)
Get access to easy-to-use email templates, op-eds and other tools to help spread awareness. MAP gets your members and staff engaged in credit union advocacy.
Project Zip Code
Project Zip Code is a user-friendly, secure computer program that counts your members and matches them to a congressional district, state legislative district and county so you can show lawmakers how many of your members are their constituents.
2025 Michigan Credit Union Impact Report
Lawmakers need stories and facts — data that directly connects to their constituents' financial realities and makes the case for why credit unions, as currently constituted, are essential. This impact report is filled with just that.
"Don't Tax My Credit Union" Logo
Download the Michigan "Don't Tax MY Credit Union" logo linked above to order your own t-shirts for you and your team members. Show your support!
DontTaxMyCreditUnion.org
Share this site. Make sure your members and community understand what’s at stake. Encourage them to speak up and share how credit unions have made a difference in their lives.
