We Need Your Help
Throughout our 90 year history, our core mission has focused on serving you, our valued LBS Financial Members, by providing the service quality you deserve and products and services designed to enhance your financial well-being.
Unfortunately, Congress may leverage a new tax on all credit unions, including LBS Financial. A tax on credit unions is ultimately a tax on credit union members. Leaders in Congress are meeting to determine how to pay for the extension of the Tax Cuts and Jobs Act (TCJA). Recently, the House Budget Committee passed a resolution to begin the process for tax reform. Your Credit Union is a not for profit, Member owned, financial cooperative. Not a penny of taxpayer money has ever gone to bail out any credit union.
To send a clear message to your Member of Congress, please click the button below and use our credit union movement’s Connect for the Cause platform. It only takes one minute and is the most direct, powerful way to ensure LBS Financial can continue serving you.
Thank you for your support, for being a valued Member, and for standing with us to protect your Credit Union benefits.
Why Credit Unions Are Needed
Credit unions got their start in the U.S. when banks refused to serve working Americans. They provided a needed alternative so families, farmers, small business owners, and others left behind by banks had financial options.
Even as the credit union movement has grown, it remains a small but vital part of the financial landscape: Credit unions serve 43% of all Americans, but hold only 8.8% of assets in financial institutions, a clear indication of efforts to help people build their savings and improve their finances. The remaining 91.2% of Americans’ assets are held by banks.
But that hasn’t stopped banks’ greed and desire to eliminate any competition. That’s why they want Congress to eliminate the credit union federal income tax status.
Eliminating this would mean all of the things people love about credit unions would be eliminated too, and at the expense of Members like you.
The Facts
- 60% of voters in the U.S. support preserving the credit union tax status*
- 87% of voters view credit unions favorably*
- 91% of credit union members trust their credit union vs. 84% of bank customers*
- 4,617 credit unions in the U.S.
- 1.2 million jobs provided by credit unions nationwide
- $35+ billion in total consumer financial benefits
- $297 billion total economic impact
- 140 million Americans served by credit unions
