Community Resource Collects Signatures During “Don’t Tax My CU Week”
LATHAM, NY (August 6, 2013) — From August 19-24, Community Resource Federal Credit Union will be participating in a statewide campaign called, “Don’t Tax My CU”. The Credit Union will be collecting signatures from members to show their support for why credit unions should not be taxed. The signatures will be sent on to Senators Schumer and Gillibrand.
Credit Unions are exempt from federal income taxes because they are member-owned, democratically operated, not-for-profit financial cooperatives managed by volunteer boards of directors with a specified mission to promote thrift and access to credit.
“Washington needs to realize that taxing credit unions is bad for consumers because if credit unions are taxed, it will eliminate them. Consumers will suffer because they will lose the only sector of the financial industry that is not driven by profit, but rather by dedication to serving members,” said Betsy Kindlon, CEO. She added, “Consumers save money by choosing a credit union because they have lower fees and better rates than for-profit financial institutions.”
Community Resource Federal Credit Union is a community credit union serving those who live, work, worship, or attend school in Albany County and their families. Community Resource provides friendly service, outstanding rates, and low fees on a full range of financial products. Community Resource has $70 million in assets and 6,300 members.