DFCU Blog

Dannemora FCU Is Here for You – Let’s Keep It That Way

DFCU exists to serve people, not generate profits for shareholders. As a not-for-profit financial cooperative, our mission is to help you succeed financially. Whether its through offering lower fees, better rates, and reinvesting earnings right back into you and our local community.

But now, that mission is under threat.

Congress is considering changes that would impose a federal income tax on credit unions. This change would directly affect your access to affordable financial services.

What’s at Stake

• A new tax on credit unions is a tax on you, our member-owners.

• Credit unions return $35.9 billion in benefits to American consumers each year.

• Without our not-for-profit status, DFCU would face greater operating costs - meaning fewer resources to reinvest in services you depend on.

• Over 140 million Americans rely on credit unions for access to safe, affordable financial tools.

The Credit Union Difference

• DFCU reinvests profits in the form of better rates, personalized service, and community investment.

• DFCU returned over 1.2 million dollars in bonus dividends to our members the last two years.

• We are a small but mighty sector, serving 43% of Americans, yet holding only 8.8% of total financial institution assets.

Why This Matters to You

Losing our tax status would mean:

• Reduced access to low-cost lending

• Fewer community programs and financial education resources

• Fewer options in a market already dominated by large banks

Get Involved

Your voice can make a difference. Here's how you can help protect your credit union:

1. Send a Message to Congress

Use the link below to tell your representatives:
Don’t Tax My Credit Union
https://www.donttaxmycreditunion.org/#take-action

2. Visit Any DFCU Branch

Sign a postcard and join thousands of other members standing up for their credit union (Postcards will be available Thursday 5/8/2025).

3. Share Your Support

Let others know why DFCU matters. Share this page and encourage your friends, family, and coworkers to take action.

Frequently Asked Questions

Q: Don’t credit unions avoid all taxes?
A: No. Credit unions pay a variety of taxes including but not limited to school, property, payroll. We are exempt from federal income tax because we are member-owned cooperatives not-for-profit organizations whose earnings go back to you.

Q: How does this impact me as a member?
A: A tax on credit unions means fewer services, lower returns, and higher loan rates for you.

Support your community. Support your credit union.

Tell Congress: Don’t Tax My Credit Union.