A version of this article by our president & CEO, Brian Schools, was originally published in The Virginian-Pilot on March 25, 2025

As Congress considers changes to tax policy, credit unions across the country are facing a serious threat: potential new taxes that could undermine their ability to serve the very people they were created to help.

Credit unions operate as not-for-profit, member-owned financial cooperatives with a singular purpose: to serve people, not shareholders. That mission enables us to reinvest in our members, offering lower loan rates, fewer fees, and financial education that supports long-term financial well-being. It's why 140 million Americans choose a credit union, and why these member-driven institutions have a high impact on local economies by creating thousands of jobs, generating billions of dollars in economic output, and billions in tax revenues for state and federal governments, according to America's Credit Unions.

But if Congress eliminates credit unions' tax-exempt status—something bank lobbyists are actively pushing for—those benefits will shrink, and members will pay the price.

At Chartway Credit Union, we are committed to helping our members and communities thrive. With more than 260,000 members, we're helping individuals and families access affordable, lower-cost financial solutions, saving members money compared to traditional banks.

Our commitment extends beyond banking in many ways; we also support our communities. Through the Chartway Promise Foundation, we've granted $16 million over the past 20 years to support medically fragile children and their families. In 2024, the foundation granted a record $1.1 million to 25 charity partners. Additionally, we have a targeted focus on financial education and creating opportunities. In 2024 alone, Chartway awarded 15 scholarships to students and volunteered over 1,500 hours to strengthen local communities.

These are just a few examples of how credit unions' tax-exempt status fuels meaningful contributions to the people and places that need it most.

Despite these clear benefits, some in Washington are considering ending credit unions tax exemption, arguing that large credit unions function more like banks. Credit unions return $35 billion annually to members in direct financial benefits—far more than what taxing them would generate, according to America's Credit Unions.

If Congress moves forward with this proposal, credit unions will be forced to raise fees and loan rates, making it more expensive for members to borrow. Community reinvestments such as scholarships, charitable donations, and financial education—will take a major hit. People who rely on credit unions will feel the burden directly, especially lower-income families and businesses.

Make no mistake: This is a fight driven by big banks, not everyday consumers. The same banks that received massive tax breaks in 2017 now want to eliminate the credit union tax exemption—even though banks serve shareholders while credit unions serve people.

The good news is that credit unions are fighting back. The "Don't Tax My Credit Union" movement is mobilizing members across the country to speak up, urging Congress to protect the institutions that 140 million Americans rely on.

As a board member for America's Credit Unions, the national advocacy group for the country's 4,499 credit unions, I'm working alongside leaders nationwide to ensure that policymakers understand what's at stake. And as president and CEO of Chartway, I'm proud to lead a team that puts people first.

Now, we need your help. If you're a credit union member, this fight affects you. Contact your representatives in Congress and tell them to protect credit unions. Share your story about how credit unions have helped you and your community. Stay informed and join the movement at DontTaxMyCreditUnion.org.

Let's keep credit unions tax-free so we can keep doing what we do best—helping members thrive.