ALBANY, N.Y. – On Thursday, credit union members are in Albany, rallying against Congress.
Hundreds of people who are members of credit unions in the Capital Region are at the Credit Union Association of New York’s offices (CUANY) in Albany.
The purpose of this “Don’t Tax My Credit Union” campaign is to keep all credit unions’ federal income tax exemption. Congress is in talks about rewriting the tax code, which granted credit unions the tax exemption in 1916. It was then reaffirmed by Congress in 1998.
Credit unions are member owned and not-for-profit, which allows benefits to be offered to members such as lower load rates and higher savings interest.