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Posts about Policy & Economy

Don't Tax My Credit Union

By: John Lutz 03.27.25 4 minute read Policy & Economy Tax Filing

You may have noticed a lot of recent discussion regarding taxes on credit unions. Lawmakers and the current administration are currently discussing tax reform. As a piece of that discussion, they’re looking at changing the credit union federal income tax status. As a member of a credit union, this isn’t just a tax on your financial institution—it’s a tax on you.

Credit unions pay billions in state and local taxes each year. If Congress moves ahead with this revision and taxes the profits on credit unions, this will directly affect you as a member. These profits are returned to you in the form of fewer fees, better rates on loans, and higher dividend earnings.

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What Do the New Loan-Level Pricing Adjustments (LLPAs) Mean for Mortgage Rates?

By: Holly Love 05.04.23 3 minute read Home & Mortgage Policy & Economy
 

You may have seen in the news that there is a “new” tax for mortgage borrowers with higher credit scores. Bold headlines are claiming that those with a higher credit score will be paying more to subsidize those with lower credit scores, sometimes going as far as to wrongly suggest that you should deliberately lower your credit score to pay less. This has been misconstrued.

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Empower Yourself and Your Future with Financial Wellness

By: Holly Love 10.20.22 4 minute read Policy & Economy Credit

International Credit Union Day ®, also known as ICU Day®, is celebrated on the third Thursday of October. This year marks the 74th anniversary of the day, with the theme “Empower Your Financial Future with a Credit Union™.” This special day is brought to you by World Council of Credit Unions (WOCCU) and Credit Union National Association (CUNA).

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Celebrating Credit Unions Worldwide

By: American Heritage 10.06.22 3 minute read Policy & Economy
 

When you think of credit unions, what’s the first thing that pops into your mind?

Maybe it’s the great deal you got on your auto loan or the great rate you earn with your savings. Maybe you think of your credit union’s strong ties with its community.

All these things are hallmarks of the credit union experience. But your local credit union is also part of something much bigger. It’s a worldwide movement.

You might be familiar with some of the things that make credit unions unique. They’re democratically controlled, not-for-profit financial cooperatives that are owned by their members. Instead of being driven by profits, credit unions are built on the philosophy of “people helping people” and focused on supporting their members’ financial well-being.

It’s an idea that goes way back. In feudal Japan, lending cooperatives helped members pool money to access interest-free short-term loans. By the late 1800s, the earliest examples of modern-day credit unions were springing up across Europe. In both cities and rural communities, these cooperatives helped everyday people participate in a banking system for the first time.

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