1. United States
2. Calif.
3. Letter

Credit unions promote the economic well-being of all their members, and even non-members benefit from what credit unions contribute to the financial services marketplace. As cooperative financial institutions that are member-owned, volunteer-directed and not-for-profit, credit unions’ success is directly reflected in the well-being of people. A new economic study shows that removing the credit union tax status would cost the federal government $33 billion in lost tax revenue, reduce GDP by $266 billion, and lose 822,000 jobs over the next 10 years. Now is the time to invest in our country, not eliminate a trusted financial partner that strengthens us all. They may say credit unions are growing too large, but credit unions hold only 8.8% of assets in financial institutions while the remaining 91.2% of Americans’ assets are held by banks. The fact that banks hold over 90% of the market does not stop their efforts to eliminate the competition from credit unions. I hope you will not fall for their arguments. Taxing credit unions would jeopardize these benefits and would be nothing more than a new tax on me and my community! Please don't tax my credit union and put our community at risk of losing our member-owned, not-for-profit financial partner.