Tax Reform Could Hinder ECCU’s Mission
BREA, California—Financial institutions that are owned by shareholders and exist to make a profit are called banks. If a financial institution operates as a not-for-profit cooperative whose members own it, voluntarily govern it, and receive all of its excess earnings, it is called a credit union.
Credit unions are unique in the banking industry. A credit union that exists to fuel Christ-centered ministry worldwide (ECCU’s mission) is especially unique.
Congress is considering a comprehensive tax reform that could have a profoundly negative impact on credit unions. It includes possible elimination of tax-exempt status for all credit unions. For ECCU members, this could mean that millions of dollars currently reinvested in ministry would instead be used to pay corporate income taxes.
The Credit Union National Association (CUNA) has launched a campaign—Don’t Tax My Credit Union—to challenge elimination of the credit union tax exemption. ECCU members can get involved by communicating their concern to Congress.
If you would like to help protect the credit union tax-exempt status and ensure that ECCU is able to continue fueling Christ-centered ministry, visit connectforthecause.org.