Iowa Credit Unions Applaud Tax Reform Deal that Preserves Financial Choice for Iowa Consumers

(Des Moines, Iowa) After months of attack from the banking industry, Iowa credit unions applaud Governor Kim Reynolds and the Iowa Legislature for coming to an agreement on a tax reform package that helps Iowans keep more of their hard-earned money and recognizes financial choice is needed in the marketplace.

“The voice of the people was heard, and consumer choice wins over dollars in the pockets of bank shareholders. Iowa’s 1.1 million credit union members, along with all Iowa consumers, can continue to benefit from choice and competition,” said Patrick Jury, President and CEO of the Iowa Credit Union League (ICUL). “Amid continued consumer abuse by banks, this choice is needed more than ever. All consumers benefit from the competition that keeps rates and fees in check.”

Iowans made their voices heard throughout the legislative session, sending more than 40,000 emails and 2,500 handwritten letters to legislators in support of the cooperative credit union structure. In addition, nearly 800 credit union members visited the Capitol in March to rally for their financial choice.

“We are glad to finally put this issue to bed. The Governor and legislature confirmed that the cooperative credit union choice is needed and puts money in the pockets of members and the communities in which they serve,” said Brent Helin, ICUL Board Chair and CEO of Des Moines Metro Credit Union. “Our industry remained united throughout the bank attacks and we look forward to being able to direct full attention to our mission of improving the financial lives of Iowans.”

As not-for-profit financial cooperatives, Iowa credit union save members $100 million annually in better rates and fewer fees than what they would have paid for similar services at a bank. Iowa credit unions also pay millions in taxes each year, and an increase in taxes on credit unions would be an increase in taxes on their member-owners.

 “It is time the banking industry focuses on serving their customers instead of wasting time, money and resources attacking credit unions,” said Jury. “This money and attention would be better spent helping consumers.” 

For more information about why credit unions and banks are taxed differently, visit www.ProtectFinancialChoice.com.

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