Don't Tax My Credit Union
Published March 31, 2025
The Banks Are Coming for Your Benefits
Big banks and lobbyists are pushing state lawmakers to tax and regulate credit unions like Neighborhood Credit Union as if they were for-profit financial institutions. If they succeed, your loan rates will go up, your savings returns will drop, and you’ll see more fees—all while banks pocket bigger profits.
What’s the Issue?
For years, banks have been trying to convince lawmakers that credit unions should lose their tax-exempt status. Their argument? That credit unions operate too much like banks and should be taxed the same way. But here’s the truth: credit unions are not-for-profit, member-owned cooperatives—not profit-driven corporations.
Right now, Neighborhood Credit Union uses its tax-exempt status to offer lower loan rates, higher savings yields, and fewer fees. If state legislators cave to bank lobbyists, your credit union will be forced to pay new taxes and comply with costly regulations—costs that will land directly on your shoulders.
Who’s Behind This Push?
Big banks and lobbyists aim to weaken credit unions so they can dominate the market without competition. They argue that credit unions have gotten too large and are unfairly competing with banks. But this ignores reality:
- Credit unions serve working families, small businesses, and underserved communities—groups banks often overlook.
- Unlike banks, credit unions reinvest in their members, not shareholders.
- Credit unions keep financial services affordable for everyday people.
If successful, Neighborhood Credit Union and fellow credit unions could lose their ability to serve members the way they do today.
What’s at Stake?
If lawmakers impose new taxes or regulations, here’s what it means for you: Higher loan rates for cars, homes, and personal borrowing. Lower savings yields on your deposits. More fees for everyday banking. Less competition, making it easier for banks to raise their own fees.
What Can You Do?
This fight isn’t just about taxes—it’s about protecting your financial future. Take action now by visiting Don't Tax My Credit Union to learn more, contacting your state legislators to demand they protect credit unions, and spreading the word to other members.
The more voices we have, the stronger we stand. Neighborhood Credit Union exists to serve you, not Wall Street, but if banks win this fight, credit union members will feel the strain. Speak up now before it’s too late.
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Who We Are
As an active part of the community for 94 years, Neighborhood Credit Union is a not-for-profit financial organization serving the state of Texas with branch locations in Collin, Dallas, Denton, Ellis, Grayson, Kaufman and Tarrant counties. With assets topping $1 billion, Neighborhood Credit Union has a continuously growing membership of nearly 70,000. For more information, call (214) 748-9393 or visit our homepage.