CUNA President/CEO Jim Nussle and NAFCU President/CEO Dan Berger set the record straight on the credit union industry’s tax-exempt status and difference, combatting a recently published Wall Street Journal op-ed by Tax Foundation President Emeritus and Senior Policy Adviser Scott Hodge that had several inaccuracies and misleading claims.
In their Letter to the Editor response, the two industry leaders stressed “[c]redit unions will never apologize for living their mission by putting people and communities first.”
“While banks leave communities behind, credit unions step in to fill those voids. Is that a bad thing? Unlike banks, credit unions share their members-owners’ goals of financial security and empowerment, and work to help all Americans.”
Berger and Nussle highlighted the economic impact of the credit union tax status to consumers. The Joint Committee on Taxation estimates the benefits totaling $13.9 billion in 2022, with direct results assisting credit union members. They also touted credit unions’ commitment to serving members and communities in need, citing Home Mortgage Disclosure Act (HMDA) data and other polling.
continue reading »