Dear River Community Credit Union Members:
As you probably know, the structure of your credit union as a not-for-profit, cooperatively owned financial institution is unique. Your credit union isn’t owned by a select number of stockholders like banks. Every member of your credit union has one ownership share and one vote in electing its volunteer board of directors. River Community Credit Union is in business for one reason — to serve our members by providing you with the most affordable financial services possible.
Due to our cooperatively-owned structure, credit unions have always been taxed differently from banks. The banking industry would like to eliminate not-for-profit credit union competition and increase profits for their stockholders. To accomplish this goal, bankers in Iowa are lobbying state legislators to raise taxes on credit unions and treat them like banks.
Any potential tax increase on credit unions is a tax increase on you, our members who own it, and it would increase your cost of financial services. This is a serious threat and I am asking for your help in reaching out to your State Representative and State Senator, advocating that they oppose any tax increase on your credit union. We’ve tried to make it very easy for you to take action. Please click here — you’ll be taken to a web page where you can enter your name/address and then edit a prepared email message. Simply hit “Submit” and it will be delivered to your state legislators.
Time is of the essence, as the state legislature is working on the contents of a tax reform bill. We want to do our best to make sure a tax increase on our credit union members is not part of that proposal.
Thank you for your assistance in advocating for your credit union!
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