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Message from the CEO

Apr. 01, 2019

Don’t Tax My Credit Union

Brian Waugaman Print

Erie Federal Credit Union is a not-for-profit, member-owned financial institution residing right here in Erie, PA.  We have a special mission to serve our members and community rather than stockholders.  With a focus on member benefits, earnings are returned to members through higher savings returns, lower loan rates and fewer fees.  We are focused on people, not profits.

Did you know there are 5,594 credit unions nationwide, providing valuable service to more than 115 million Americans just like you?  Every credit union is owned by its members and is democratically governed by a volunteer board of directors who are also members of the credit union.  This not-for-profit, cooperative structure is what sets credit unions apart from banks and other for-profit financial institutions, and has earned credit unions a federal tax exemption, which plays a vital role in allowing credit unions to remain focused on community support and member enrichment.  In fact, Pennsylvania credit union members alone benefitted by $553,562,006 due to this exemption.  Because of our not-for-profit, cooperative structure, Erie FCU alone was successful in returning more than one million dollars to members via our Patronage Bonus Program over the past two years.

Unfortunately, the big banks and some in Congress continue to challenge the credit union federal tax exemption and wish to impose new fees on the 115 million credit union members who represent 40% of all Americans, yet represent only 6% of the total assets held by all financial institutions.  This is wrong and will imperil the credit union movement that so many have come to depend on for real financial choice.

Credit unions promote the economic wellbeing of their members, especially those of modest means.  Groups like seniors on fixed incomes, single working moms, minority communities needing greater community investment, and small businesses.  Big banks have abandoned small businesses in droves because they just cannot make enough money; credit unions promote their small business members by providing important financial services at reasonable costs, supporting expansion and job growth.  When you support your credit union, you not only receive benefits personally as a member, but you are also providing benefits to many others within the local community.

Erie Federal Credit Union believes in the “people helping people” philosophy on which credit unions were founded.  Don’t allow Congress to raise taxes on 115 million credit union members.  Don’t allow Congress to eliminate real financial choice.  Don’t allow Congress to destroy your credit union.  We strongly urge you to contact your local, state and federal representatives today to inform them of the many benefits offered by your credit union, and let your voice be heard.

From all of us here at Erie Federal Credit Union, we sincerely thank you for continued patronage and ongoing support.

“It’s not about finding your voice; it’s about giving yourself permission to use your voice.”          ~Kris Carr