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At a time when consumers face significant economic challenges, Mower County Employees Credit Union reaffirms its commitment to providing accessible and affordable financial services, emphasizing the crucial role of credit unions’ tax status in the well-being of their members and communities.

Credit unions like Mower County Employees Credit Union operate as not-for-profit financial institutions, reinvesting their earnings into their members through lower loan rates, higher savings returns, and reduced fees. This model benefits over 140 million Americans, providing financial stability to individuals and small businesses across the country.

Our mission has always been people helping people. Whether that is helping our members build strong financial futures, or the community supported through volunteering and financial support. Eliminating credit unions’ tax status would be a devastating blow to not only our community and members but over 140 million other Americans.

Despite misconceptions that credit unions do not contribute to public revenue, the reality is that they pay $23 billion in federal taxes and $13 billion in state and local taxes annually. Additionally, credit unions generate a 1,300% return on investment, reinvesting these benefits into consumers and local communities.

However, some proposals in Congress are currently seeking to impose new taxes on credit unions, directly affecting consumers. A recent report shows that eliminating credit unions’ tax status would cost the U.S. economy $266 billion in GDP and result in the loss of more than 822,000 jobs over the next decade.

Mower County Employees Credit Union urges community members to stand up for their access to affordable financial services and contact their representatives in Congress to oppose any attempt to tax credit unions.

Stephanie Riles,

President/CEO Mower County Credit Union

Austin, MN