I am writing with an urgent message about the future of our credit union. You may have heard that politicians in Washington are considering an overhaul of the federal tax code. I want to alert you to an idea being discussed that could greatly harm Grossmont Schools Federal Credit Union and our members.
As a member-owner, you know that Grossmont Schools Federal Credit Union is owned and directed by you. Unlike banks that maximize profits for a small group of investors, credit unions exist to serve ALL of their member-owners, including working families, small businesses, and the local community. Because we return benefits to our members, we are able to offer higher returns on savings, lower rate on loans, and most importantly, low or no fees. That's why your credit union is not-for-profit and tax exempt.
Now banks and some politicians in Washington are talking about taxing credit unions like GSFCU, despite the fact that we are not-for-profit. They say we can balance the budget by taxing credit unions, even though credit unions hold only 6% of all financial assets nationwide, and banks hold the rest.
Since credit unions are not-for-profit, taxing credit unions could even destroy credit unions as we know them, eliminating financial choice for consumers. That's why I am writing to urge you to send a strong message to Congress:
"Don't Tax My Credit Union."
It's easy to take action: just visit
www.DontTaxMyCreditUnion.org to contact your U.S. Representative and Senators. While there, you can also watch a video, follow our campaign on social media, and learn more about how you can help us tell Congress,
"Don't Tax My Credit Union!"
Steven A. Devan
President & CEO