MMCCU is a local credit union that serves ANYONE who works in the medical field*!
Join us as we discuss the “Don’t Tax My Credit Union” movement!
Why “Don’t Tax My Credit Union” Matters to You
At Marshfield Medical Center Credit Union (MMCCU), we’re proud to be part of a movement that has supported working families for generations. But today, a vital piece of what allows credit unions to serve their members is under threat — and we want you to know why that matters.
A Quick History of the Credit Union Tax Exemption
In 1934, Congress passed the Federal Credit Union Act, giving credit unions federal tax-exempt status. Why? Because credit unions are not-for-profit financial cooperatives, created to serve people — not to generate profits. They’ve historically helped those who couldn’t access traditional banking services.
MMCCU itself began in 1965 when 75 St. Joseph’s Hospital employees came together to form a credit union. The first loan issued? Just $75. That legacy of serving everyday needs continues today.
What Makes Credit Unions Different?
Unlike big banks, credit unions like MMCCU return earnings to members through better rates, lower fees, and community support. We invest in financial literacy, provide competitive loan and deposit rates, and serve local needs — especially in areas where major banks have left.
Being exempt from federal income tax is what allows us to do that. If that exemption were removed, it would significantly alter our ability to reinvest in our members and community.
Why Is This Coming Up Now?
While the credit union tax exemption has been challenged before, recent discussions in Congress have raised the issue again. As lawmakers review federal tax policy, some have floated the idea of ending the exemption to raise revenue.
Credit unions aren’t asking for new advantages — just to keep the same status they’ve had for nearly 100 years. Without it, many credit unions would be forced to change their structure, increase fees, or even close.
Why Should You Care?
If you’re a credit union member — whether with MMCCU or another credit union — this issue affects you. Ending the tax exemption could result in:
- Higher loan rates and fees
- Lower savings returns
- Reduced community support
- Less access to services, especially in rural or underserved areas
What Can You Do?
Visit donttaxmycreditunion.org (no apostrophe in “dont”) to send a message to your federal legislators. It only takes a minute. You can use a pre-written letter or write your own.
The Bottom Line
Credit unions like MMCCU aren’t just financial institutions — we’re community partners. The tax exemption helps us fulfill that mission. Losing it would change everything.
If you value what your credit union does, now’s the time to speak up.
* Membership subject to eligibility. Visit our Membership Page for details.
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