Newsroom

FOR IMMEDIATE RELEASE

Washington (April 26, 2017)--National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger today reiterated the benefits to consumers and the economy of credit unions' federal corporate income tax exemption as the Trump administration released its key principles on tax reform.

"NAFCU supports efforts to achieve reforms that will grow the economy, and a vital part of that should be preservation of credit unions' contributions to economic growth," said Berger. "We will remain engaged with the administration and Congress throughout the tax reform debate to ensure credit unions are protected in this process.

"An independent studyreleased early this year shows that the nation's federally tax-exempt credit unions generate some $16 billion in economic growth each year," Berger said. "That amounts to about $159 billion in growth over a 10-year period. By contrast, eliminating the credit union exemption would cost the federal government $38 billion in lost income tax revenue, shrink GDP by $142 billion and kill off nearly 900,000 jobs over the next 10 years.

"Credit unions pay many taxes, and all credit union members pay taxes on earnings paid by their credit unions. NAFCU stands ready to support reforms that grow the economy, preserve credit unions' ability to serve their more than 106 million members nationwide, and protect credit unions' ability to continue to make a positive contribution to the U.S. economy."

The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation's federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go towww.nafcu.orgor@NAFCUon Twitter.

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