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Credit unions are not-for-profit cooperatives – able to offer benefits like better interest rates for affordable loans, services with no or low fees, financial education at no cost and profits that go back to you as a member and owner here (not to stockholders). The special tax status that helps make all these unique advantages possible is at risk for Summit, and for all credit unions. We’re asking for your help. There’s serious talk in Congress about taking away a federal income tax exemption for credit unions. This exemption was put in place long ago because credit unions exist to help with everyone’s financial needs, including underserved and working families. Removing the federal income tax exemption would be devastating to the nation’s 4,500 credit unions. And most importantly, it will hurt the financial wellbeing of the 140 million Americans served by credit unions, along with their families, communities and our overall economy.The national trade association for U.S. credit unions offers a more detailed look at the importance of the federal income tax exemption:

Why the Numbers Don't Add Up

If credit unions paid federal income tax, it would generate $33 billion in tax revenue for the government. But the value credit unions generate for the economy (in gross domestic product) is $266 billion. This means that $233 billion would be lost.

See the impact credit unions have on Wisconsin alone:

Credit unions DO pay taxes!

In 2023, credit unions accounted for roughly $23 billion in federal taxes and $13 billion in state and local taxes. The only exception is the federal income tax on profits – and that’s because those profits are returned to you, the members!
For more on the value of credit unions, see this information from the national trade association for U.S. credit unions:

Why This Matters

Losing federal income tax exemption is a loss for everyone, and not only because of potentially higher credit union fees, fewer service options and less resources to invest in our communities. At Summit, it would impact our ability to help every member achieve financial security and live their best lives – and that’s what we are here to do.

Summit cares about and supports me. They’re always giving me ideas on how to better my finances. I like that they’re engaged with the community and give back, and that they educate about financial literacy. Their services are low cost and better than most banks. I also like that they reward their members, especially the Cash Boomerang!

I had such anxiety over my financial situation, and now I feel like I can breathe again. The lessons I’ve learned from my Summit financial coach are literally invaluable and something I’ll carry with me the rest of my life.

We don’t have to worry about the big or small things, thanks to our emergency savings and our Home Equity Line of Credit. Plus, our Home Equity Line of Credit can help cover upgrades that add value to our home, too.

Now, when we check our accounts, we’re so impressed with how well our plan is working and how quickly our goals are becoming possible.

I was divorced and had an unexpected expenditure. Summit helped me come up with solutions that saved me hundreds of dollars. I have been a member since I was 18 and I’m now 65. Summit has been very kind to me over the years, far better than other banking institutions.

I absolutely feared my finances in every way possible. I was scared to ask for help but I did. That was the day my financial situation turned around! Summit has been an amazing support and there for every step on my way to financial freedom. They provide life-changing support.

Credit unions exist only for the benefit of their members. Banks exist to benefit their stockholders. The difference is in the ownership.

At Summit, that ownership belongs to YOU as a member of our not-for-profit credit union! Unlike a bank, where profits are returned to shareholders, our profits at Summit go back to all our members in the form of better interest rates, no- or low-fee services, our unique board-approved patronage dividend (Cash Boomerang) and more -- saving you money.

Summit members saved over $64.4 MILLION in 2024. An average of $517 per household over doing business with an average Wisconsin bank.

How You Can Help

Federal lawmakers need to know how getting rid of the credit union federal income tax status would hurt the very people they were elected to serve. Tell Congress: Don’t tax my credit union—it’s a tax on me. It’s quick and easy to send your message to Congress right now using the form linked below, provided by the Wisconsin Credit Union League:
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* The Wisconsin's #1 Mortgage Lender designation is based on the number of loans in 2023, gathered from the Home Mortgage Disclosure Act data compiled annually by the Consumer Financial Protection Bureau. The results of the data were obtained through the LEI: 254900NTAC4H10MGSU23 ** SBA Lender of the Year Award for Credit Unions as awarded by the Small Business Administration of Wisconsin in 2024. Copyright 2025 © Summit Credit Union. All rights reserved. If you are using a screen reader and are having problems using this website, please call 608-243-5000 for assistance. Insured by NCUA