Credit unions won a major victory in Iowa on Saturday.
The sate passed a tax bill without a provision it had been considering — a provision that would have increased taxes on the state’s credit unions while lowering them for banks.
The Iowa Credit Union League and nearly 1,000 credit union leaders, including CUNA President and CEO Jim Nussle, rallied against the legislation at the Iowa state capitol in March.
“While we expect these fights to continue as bankers push false narratives about not-for-profit, member-owned financial institutions, this is a moment to congratulate the excellent leadership of Pat Jury and the Iowa Credit Union League, and be proud of what our 360-degree advocacy offense and the CUNA/league system as accomplished,” Nussle said.
CUNA estimates that credit union members in Iowa save more than $105 million each year in better interest rates and lower fees. Those numbers would have been harmed by the bill to raise credit union taxes, since about 85 percent of Iowa credit union loans are consumer loans.