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Member Education

Since 1935, Powerco Federal Credit Union has been serving you —our member— through competitively priced products and services.

As a member of the credit union, we feel it’s important to inform you of some potential federal decisions that may impact you and your credit union. Congress is currently working on tax reform and some congressional members are considering imposing a tax on your credit union — a tax that credit unions have never paid before.

Powerco, like other credit unions, is similar to a bank in some ways. We offer financial services and products emphasizing quality, service and value and our employees have extensive experience helping people chart a smart financial future. However, credit unions are unique from all other financial service providers, including banks. Unlike banks, we’re not-for-profit and we’re owned by you —our members— instead of shareholders.

You may have heard that politicians in Washington are considering an overhaul of the federal tax code. The idea being discussed could greatly harm Powerco Federal Credit Union and our members.

As a member, you know that Powerco 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 their members, 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 Powerco Federal Credit Union, 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.

Moreover, taxing credit unions won’t even scratch our budget deficit.  For every $1 in new taxes on credit unions, the government would wipe out $10 in benefits to credit union members and consumers.  So taxing credit unions is not only bad for our nation’s economy, a tax on credit unions is really just a tax on you, the member. 

We 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 the campaign on social media, and learn more about how you can help us tell Congress, “Don’t Tax My Credit Union!”

Complete this quick and easy online form to send a letter to your legislators -- Take Action Now!

Visit the Don't Tax My Credit Union Campaign Website

Don't Tax My Credit Union on Facebook

Don't Tax My Credit Union on Twitter

Email your legislator - Visit DontTaxMyCreditUnion.org, click on the Take Action button, register your account if you don't already have one, and submit an email to your legislator. Feel free to write your own email or use the email provided.

Voice your concern by phone - Call toll-free to 877-642-4223 and tell Congress "Don't Tax My Credit Union!"

"Don't Tax My Credit Union!" - Don't Tax My Credit Union is a national campaign dedicated to ensuring Congress doesn’t raise taxes on 96 million credit union members nationwide and preserves financial choice for American consumers. Join us today to share your story and tell Congress: "Don’t Tax My Credit Union!" 

 

NCUA

This credit union is federally insured by the National Credit Union Administration.

We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act. NMLS# 762143

Equal Housing Lender