We need Your Voice:
Recently the Oregon Bankers Association has put together an anti-credit union effort, based on the work done by an anti-Credit Union Task Force. In January they introduced three bills in the Oregon Legislature aimed at taxing credit unions and implementing new burdensome regulations. The overall goal is to limit consumer’s options on how and where they receive their financial services.
The credit union model is a not-for-profit financial cooperative. This cooperative model has been supported by every state legislature, federal legislative body and President each time it has been challenged by bankers since the Great Depression. The reason is simple: Credit Unions exist to help members improve their financial lives. Collectively, Oregon Credit Unions gave direct benefits of over $121 million to the 1.4 million credit union members throughout the state.
If credit unions were taxed in Oregon, approximately $4 million in tax dollars would be accumulated. It is highly unlikely that this proposed tax revenue totaling $4 million could offer our communities the same level of benefits as the $121 million currently provided by Oregon credit unions.
H.B.2484 H.B.2485 H.B.2486
If you value the benefits that credit unions offer and believe in the not-for-profit cooperative structure, let your state representatives know. Send them an e-mail that lets them know how your credit union has helped you improve your financial life. Use this link find your State Representative and Senator. Write them a quick message supporting your credit union or, if you prefer, you can use and/or modify a sample message located here.
At IBEW & United Workers FCU, our mission is “To meet anticipated financial needs by offering quality, affordable products and services to union members and their families so that we can build long-term relationships.” That is we do every day.
Thank you for your support.