#United States #Tustin, California #Credit Union #SchoolsFirst FCU #Don't Tax My Credit Union

SchoolsFirst Federal Credit Union Takes a Stand

In a significant move to defend its members' financial interests, SchoolsFirst Federal Credit Union has joined the national campaign known as "Don't Tax My Credit Union." This initiative comes at a critical time as federal lawmakers contemplate tax reforms that could jeopardize the tax-exempt status of credit unions across the United States.

As the largest credit union in California, SchoolsFirst FCU serves school employees and their families. It has a long-standing mission to provide financial security to its members, relying on the unique advantages that its non-profit status offers. Bill Cheney, the CEO of SchoolsFirst FCU, emphasized the importance of this movement, stating that any revocation of their tax-exempt status would lead to detrimental impacts on millions of members. The loss of such status could translate into higher costs and fewer financial benefits for hardworking families in the education sector.

The Significance of Tax-Exempt Status

Credit unions like SchoolsFirst operate as member-owned cooperatives designed to provide competitive loan rates and higher dividends on savings. Their tax-exempt status is crucial—it allows them to pass on savings to members in the form of lower fees and better rates. With key tax provisions nearing expiration in 2025, the potential for tax burdens to be imposed on these institutions looms large, prompting the urgent need for action.

Cheney further stated, "We pay various taxes, including property and employment taxes, but have relied on our federal income tax exemption since our inception in 1934. Removing this exemption would diminish the benefits available to our members."

Call to Action for Members

As SchoolsFirst FCU aligns itself with the broader campaign, they are actively urging members and credit union supporters to make their voices heard. The "Don't Tax My Credit Union" campaign encourages individuals to contact their legislators, sending a unified message that imposing a tax on credit unions equates to a financial burden on the members themselves. This grassroots advocacy is essential as it seeks to protect the financial health of millions who depend on credit unions for affordable financial services.

SchoolsFirst has been proactive in providing resources for its members to engage with this issue, emphasizing the significance of community involvement in advocating for financial well-being. The active participation of members can make a substantial difference as discussions around these tax reforms continue in Congress.

A Commitment to Service and Growth

Established in 1934 by a group of dedicated school employees, SchoolsFirst FCU has since evolved into a leading financial institution, boasting nearly 1.5 million members and close to $32 billion in assets. Forbes has recognized it as the top credit union in California, underscoring its commitment to delivering world-class personal service and improving financial security for all its members.

As the credit union sector navigates the potential changes in tax policy, SchoolsFirst FCU stands firm in its dedication to advocacy, emphasizing that protecting its tax status is synonymous with protecting the financial interests of its members. The ongoing message remains clear: a united front in this battle for preserving the status quo is essential for securing the future financial health of credit unions across the nation.