Credit Unions are creatures of the law, and every year our State and Federal lawmakers review many bills that can affect how we operate. Credit unions have been under attack by the banking industry in several states, and Virginia could be the next battleground. Credit unions ask for very little from our lawmakers. We only want a favorable economic and regulatory environment that helps us best serve our members. Though credit unions occupy only a tiny percentage of the marketplace, bankers have become obsessed with credit unions. Banks spend a lot of time and money trying to influence legislators to pass laws that would adversely affect our ability to serve you.

    Since 1934 credit unions have enjoyed an income tax exemption. Why? Because we are different from the other for-profit financial institutions. We are a member-owned financial cooperative. Unlike banks, our Board of Directors serves without pay. Unlike banks, we return our financial gains back to you, the members, in the form of lower loan rates and less fees. Unlike banks, we do not issue stock. And credit unions do pay their share of other types of taxes, like payroll and property taxes.

   The Virginia Bankers Association is aggressively lobbying state legislators to review credit unions’ tax status. 

What can you do? 

1.  Stay informed. One of the best sources for up to date information is the Virginia Credit Union League. They have a “Daily News” report on their website (www.vacul.org) which will give you current information on credit union issues.

2.  Contact your state legislators. Tell them you do not want your credit union to be taxed. For information on which district you live in check your voting card or visit http://conview.state.va.us/whosmy/constinput.asp. Legislator contact information is also available there.

 3.  Call Reymet’s CEO Bob Nagel at (804) 275-1143 for additional information.