As a member-owned financial cooperative, it has always been SF Fire Credit Union's mission to help our members get ahead in their financial lives. Now, the credit union finds itself in need of your help. The not-for-profit credit union movement is once again being threatened at the federal level, and we are seeking your assistance to ensure SF Fire Credit Union members' voices are heard.
Credit Unions Currently Exempt from Corporate Taxes
Being not-for-profit financial cooperatives, credit unions have always been exempt from the corporate taxes paid by big banks who are in business to generate profits for their shareholders. We return our "profits" directly to you, our member-owners, through lower rates on loans, higher rates on deposits, lower fees, and conveniences like ATM surcharge rebates. Perhaps more importantly, our unique structure helps credit unions exist as an alternative to big banks in the financial services marketplace.
Bankers Working Hard to Tax Credit Unions
Congress has begun the process of reforming the tax code, and will be considering corporate taxation on credit unions for the first time in history. The big banks view the increasing popularity of credit unions as a threat to their profitability, and see this as an opportunity to weaken us. Their lobbyists are working very hard to convince legislators to impose taxes on us. If they persuade Congress to take away our not-for-profit tax exemption, it would be very challenging for credit unions to continue offering the high level of value which members deserve and have come to expect.
How You Can Help
This is where our members can make a difference, by letting our collective voice be heard on Capitol Hill. Help us convince Congress that a new tax on your credit union is actually a tax on you and your fellow member-owners of SF Fire Credit Union. We ask you to contact your elected officials and tell them not to tax your credit union. An easy way to do this is through CONNECT FOR THE CAUSE, a web-based grassroots network which not only keeps you informed of legislation which affects credit unions, but allows you to quickly send your legislators a pre-written message. It's a simple, free, and powerful way for our 45,000 members to make a difference.