Mo. credit union to Chairman Smith: Tax status allows credit unions to live mission through better service
The credit union mission to help members achieve their best financial lives is in jeopardy with recent tax discussions, Century Credit Union President/CEO Joshua Wallace wrote in the Southeast Missourian over the weekend. The paper serves a large number of constituents represented by House Ways and Means Committee Chairman Jason Smith, R-Mo.
Sharing how Century Credit Union was able to help 400 employees who were laid off when a local aluminum smelter closed, Wallace said credit unions all over southeast Missouri “uphold our responsibility to give back through better rates, lower fees and better services than banks. The credit union federal income tax status makes this possible.”
He added that even with the current tax status, Missouri credit unions contributed $140 million in federal and $83 million in state tax revenues in 2023.
Wallace said credit unions' ability to come together and make a difference sets them apart, "that’s why you see such a strong, unified voice in this tax fight—because what we do is worth fighting for."
"Getting the credit union story out there is critical because we’re not just another financial institution—we exist to serve our members and communities in ways that banks simply don’t. At Century, we saw this firsthand when we assisted workers who lost their jobs at Magnitude 7 Metals, stepping in to provide financial relief and support when they needed it most. This happened in the district of House Ways and Means Chair Jason Smith, who has been a strong supporter of credit unions over the years," Wallace said. "It’s thanks to leaders like him—who recognize the value of credit unions and have worked to protect our ability to serve—that we’re able to be there for our members in times of need.
"Our tax status isn’t just a benefit—it fuels our mission. It allows us to be a helping hand when our communities need us, offering affordable financial services to those who might otherwise be left behind," he added. "We’re not-for-profit because our priority is returning valuable benefits to our members, something that would be much harder—if not impossible—if we were subject to federal income tax."
The Don’t Tax My Credit Union campaign is urging all credit union stakeholders to write their elected officials in support of the credit union tax status.
Wallace traveled to Washington, D.C., for the Governmental Affairs Conference, where he joined other Missouri credit unions and the Cornerstone League to meet with federal lawmakers and their staff – including Smith and Senators Eric Schmitt and Josh Hawley, R-Mo.
Century Credit Union regularly shares Don’t Tax My Credit Union resources on its social media channels and created its own handout to share with policymakers.
America's Credit Unions’ Don’t Tax My Credit Union Member Activation Program site has a press kit with resources to help write op-eds, letters to the editor and more, along with other outreach resources to help activate grassroots action.