Michael McCaul, , District 2 , District 10 “As a member of a credit District 13 “Thank you for allowing me union for over 25 years, I “Credit unions play an the opportunity to express support the right of citizens important role in our cities my support for Credit to participate in credit unions and other communities. Unions and their current tax-exempt and voluntarily pool their assets for their Congress should help keep the system status. The strength of the Texas Credit own benefit. I do not support tax increases available to individuals, families, and Union League is remarkable and represents of any kind. Furthermore, business is businesses all across America.” a model that should be emulated in other saddled with far too much regulation. I states across the country. Credit Unions play support freeing up markets by eliminating Mark Veasey, a vital role in our financial marketplace, and unnecessary and counterproductive District 33 I look forward to working with you all in the regulations. It is economic freedom that “Not-for-profit credit unions future.” produces economic growth and allows provide valuable and needed businesses, such as credit unions, to expand services to millions of Randy their membership and lending, which fosters Americans across the country. For many Neugebauer, further economic growth.” families, a credit union membership means District 19 the opportunity to obtain a low interest rate “I strongly believe that , loan for a first home or car. I support Texas consumers benefit from District 32 credit unions and the work they do, and having multiple options among financial “As a long-time supporter strongly believe they should have tax- providers so that they can choose the credit of the Texas Credit Union exempt status.” union, banks, or other financial services League, I believe credit institution that best fits their needs. At this unions serve our communities in a unique Filemon Vela, time, no legislation has been introduced in and meaningful way. Credit unions have District 34 the House to change the tax status of credit remained true to their mission of ‘not for “I support the role of unions, and as long as credit unions remain profit, but for service’ and provide their credit unions in the non-profit cooperatives owned by their members with resources to grow businesses American financial sector. members, I see no need to change their tax and create jobs. Throughout their history, These member-owned institutions status.” credit unions have been extremely important should continue to benefit from current financial institutions. In the House of exemptions from federal income taxes , Representatives, I will continue to offer my while they do not operate for profit. The District 22 support for credit unions to maintain their financial products and services that credit “By design, credit unions tax-exempt status and valuable role in our unions have traditionally offered allow are not-for-profit financial economy.” hardworking members to get the most for cooperative organizations their wages and support their families.” owned by their members. Especially at this , time, communities across our nation rely District 21 , on credit unions to provide much-needed “Credit unions provide District 14 access to credit. I support retaining the an invaluable service to “I am proud to support current tax-exempt status for credit thousands of my constituents the tax-exempt status unions and will continue to work with my and have played an important role in our for not-for-profit credit colleagues to ensure that it remains.” country’s recent economic growth. New unions. Credit Unions are built and taxes and burdensome regulations on the maintained by the members, making it Beto O’Rourke, financial sector only serve to hinder future a truly unique organization. These credit District 16 economic growth.” unions allow our communities to grow “Credit unions serve tens by providing affordable loans to families of thousands of El Pasoans , and small businesses. We are at a critical and play a vital role in our District 36 juncture in our nation’s path to prosperity. economy. I am committed to preserving “As a credit union member I want to create more jobs and help our credit unions and the financial services they I personally know and economy thrive, which is why it is extremely provide.” appreciate the great service important to support our credit unions.” they provide their customers. Credit unions are great examples of freedom of association Roger Williams, and the power of capitalism to improve District 25 lives. I support keeping credit unions tax “Credit unions provide exempt, and freeing them of burdensome invaluable services like low federal regulations, so a free market can fees and low interest rates continue to build communities across to millions of Americans. These not-for- 4455 LBJ Freeway, Suite 1100 , TX 75244 Southeast Texas.” profit institutions play a vital role in our communities by giving consumers a choice 800-442-5762 (toll free) that best fits their financial needs. I support www.cornerstoneleague.coop maintaining the tax-exempt status for credit unions and would oppose placing any further regulatory burdens on these important financial institutions.” CREDIT UNION LEAGUE

TAXATION AND CREDIT UNIONS Where do your lawmakers stand?

GOV. RICK PERRY U.S. SEN. “Not-for-profit credit unions are an important “Credit unions are an integral part of the part of the Texas economy, employing more nation’s financial system. I support protecting than 21,000 Texans and serving more than their tax-exempt status so long as they stay 7.7 million members. I support keeping the true to their original mission and operate current tax exemptions for not-for-profit as nonprofit cooperatives. Credit unions credit unions. Keeping that exemption is the are tremendously beneficial to our local right thing to do for organizations that seek communities and small businesses in Texas. I not to make a profit but to improve the lives of their fellow citizens. will continue to support pro-growth policies that keep taxes low on The people of Texas appreciate your service, and I look forward to all Americans.” working with you.”

LT. GOV. DAVID DEWHURST U.S. Sen. “Credit unions provide billions in capital “Credit unions are great example of the kind that countless Texas families can use to buy a of small businesses that can help power our home or a new car, or pay for college—all at return to strong economic growth, yet they very reasonable rates. As are suffering from the growing onslaught Lt. Governor, I want to say thanks for all you of new regulatory and tax burdens from do to grow the Texas economy. I support Washington, D.C. I strongly support the Texas credit unions and your not-for-profit ability of credit unions to focus on serving tax exemption.” their communities rather than federal bureaucrats, and I will work to prevent needless new burdens on these job creators.” , Joaquin Castro, , District 6 District 20 District 7 As deregulation increases “As not-for-profit, member- “Throughout my 14 years in the competition between owned cooperatives, credit the Texas State House and credit unions and banks, it is unions serve a unique six terms in Congress, I have important for these non-profit, volunteer- function in our communities, helping always maintained a very supportive and driven cooperatives to focus on their countless families achieve their American cooperative relationship with the Texas primary services, including small loans, Dream every day. As a lifelong credit union Credit Union League. Credit unions were financial counseling, and low-balance share member myself, I know how important designed to be depository institutions run drafts. When it comes to the financial needs these cooperatives are to our nation’s by their members for the benefit of their of America, I believe that local, community- financial services infrastructure. As long as members. As tax-exempt organizations, based credit unions and banks are the best. credit unions continue to provide quality credit unions are tailored to meet the services to hard-working American families, financial needs of their members. I , I will support maintaining the tax-exempt strongly support the efforts of our credit District 8 status for these not-for-profit institutions.” unions and will continue to work to keep “I believe that credit unions credit unions exempt from federal income play an important role in our , taxes.” communities and are major District 11 contributors to the national economy, the “As a credit union member, , financial system, and the communities they I understand and support District 35 enter, and the members and families they the important work that “Having worked with credit serve. They provide lending opportunities these not-for-profit institutions do. By unions for more than three to small businesses, families, and many encouraging financial literacy, community decades, I recognize the hard-working Americans that would not involvement, and affordable credit for importance of the financial services that you otherwise be available. For these reasons, millions of individuals, Texas’ credit unions offer to millions of individuals and large I strongly support the tax-exempt status of are growing our economy and building numbers of small businesses. By granting credit unions because they serve as not-for- our future. As they do so, it is important credit unions a tax exemption in the 1930s, profit banks.” that we do not burden our local financial Congress acknowledged the contribution institutions with new or expanded of credit unions to our society, particularly Michael Burgess, regulations and taxes. A strong network in providing opportunities to low- and District 26 of community lenders is essential to Texas’ moderate income Americans. Today, as “Because of this unique dynamic economy, and new federal burdens credit unions continue to meet these credit member-owned cooperative will only serve to slow responsible lending at and savings needs, their tax-exempt status nature, credit unions are a time when we need it most.” should be maintained.” exempt from the federal corporate income tax and the regulatory requirements , , imposed by the Community Investment District 28 District 27 Act. I support this continued exemption ... “I appreciate the benefit “Credit unions provide please be assured that I will work to ensure credit unions provide our a valuable service to that not-for-profit credit unions retain communities and I applaud community members. Many their federal tax-exempt status.” the many positive contributions they make members received their first car or home to our financial sector. Credit Unions have loan at a reasonable rate with the help John Carter, been essential to providing credit access to of the dedicated staff at their local credit District 31 Americans for many years. I will remain a union. I support these institutions and their “I commend the unique role strong supporter of the tax exempt status contributions to our community.” that credit unions play in for credit unions provided they continue providing primary services to be not-for-profit financial cooperatives , to their members, and I fully support owned by their members while serving District 17 their tax-exempt status. As not-for-profit the purpose for which they were originally “Member-owned credit institutions, I believe imposing federal created.” unions provide invaluable income taxes on credit unions would deter services to over 195,000 them from meeting their core mission and credit union members in my district. Credit from serving the financial needs of their unions help spur job creation and foster members.” community development. I remain opposed to the extensive regulatory burdens placed on our nation’s financial services industry during the 111th Congress and I will continue to steadfastly support the tax- exempt status of our credit unions.” , , , District 23 District 29 District 18 “Credit unions help fill a void “I fully support maintaining “I will continue to work in our communities, whether the tax-exempt status hard to help credit unions by helping young people of not-for-profit credit fulfill their mission and will pay for college or by helping our neighbors unions. I appreciate the contributions credit oppose the imposition of new regulatory open small businesses. They are a vital part unions make to our financial system. The and tax burdens on them. Credit unions of our financial institutions and help make work credit unions do to provide loans serve as a core part of our nation’s financial our communities and our economy more at competitive interest rates to working sector, especially in ensuring that working prosperous. I support tax cuts for these families, small businesses, and workers families have access to financial services and financial institutions which help improve that do not have easy access to credit is capital.” the lives of 295,000 credit union members important to our economic growth. Many of that reside in the 23rd Congressional these individuals would not otherwise have Eddie Bernice District of Texas, and countless others.” these opportunities. Please be assured I Johnson, District support maintaining tax-exempt status for 30 , not-for-profit credit unions.” “Credit unions provide an District 1 essential economic role in “Credit unions have an , Texas and throughout the country. Credit exceedingly important role District 4 unions provide middle class families with in the First Congressional “The current environment of access to financial services and capital. As District of Texas and are an integral part of taxing and regulating prudent long as credit unions maintain that as their the financial community. Credit unions’ financial institutions is the core mission, I support continuing their tax-exempt status allows them to remain wrong approach to speed up our economic long-standing tax-exempt status.” member-owned cooperatives providing recovery, and I will continue to oppose sources of credit for their members, which barriers to growth and fair competition. , in turn provides economic opportunities Credit unions have long been crucial to District 3 to pursue great American dreams.” our local economies, and they have a “As a credit union member, I proven record of responsibly serving their know first-hand the important , communities without excessive government role credit unions play in our District 12 burdens.” communities, especially in these challenging “Credit unions are an economic times. As access to credit and important financial resource , other financial resources remain critically to many of my constituents District 5 important, I will, as a senior member of the and serve an essential role within the “Credit unions play an Ways and Means Committee, continue to financial community. Especially with today’s incredibly important role in fight for economic policies that promote economic challenges, having access to credit the communities they serve. freedom and free enterprise and stand is vitally important to our economy.” I know how important they are in the 5th up against new taxes that punish growth, District of Texas. I will continue to fight prosperity, and savings.” , District 9 against imposing new regulatory and tax “As Ranking Member of burdens on the financial institutions that , the Financial Services are working to spur economic growth by District 24 Subcommittee on Oversight effectively meeting the financial needs of “I was a champion of credit and Investigations, I their communities. I believe it is critical unions for 18 years in understand the importance of credit unions that we keep credit unions lending in the Texas State House of to the overall health of our financial system. this challenging period in our nation’s Representatives, and I remain one today As financial cooperatives, the credit union economic history.” as a U.S. congressman. Credit unions are business model of meeting the needs of its unique in that their sole purpose is to membership is an important component Rubén Hinojosa, serve the financial needs of their members, of our economic recovery. While we must District 15 as opposed to maximizing profits. Any exercise fiscal responsibility in Congress, “As financial cooperatives, taxation of these financial institutions changing the historical tax-exempt status credit unions only accept could result in an end to the important of credit unions could potentially hurt deposits of members and services they provide. Therefore, I do not many low-income communities’ access make loans only to members, other credit support a change of any kind in the status to financial services. I will continue to unions, or credit union organizations. Their of credit unions as tax exempt.” support our credit unions and the vital field of membership can be expanded by role they play in communities across our rule-making of the NCUA to include entire nation.” metropolitan statistical areas across these great , but can also be kept in check. I agree that imposing a federal tax on credit unions would damage the service character of these unique institutions to the detriment of a certain segment of the United States population and to a particular sector of our economy.” Cornerstone Credit Union League