Hundreds of credit union members flooded the statehouse today (Wednesday) to lobby against a tax increase on credit unions.  “If you are a proud member of a credit union, let me hear you. Make some noise!” That’s Kenia Calderon, a member of a credit union in central Iowa who was one of the featured speakers during a rally outside the capitol. Calderson told the crowd her parents fell victim to the “predatory lending practices” of banks, but her family became financially stable and she was able to go to college after they became credit union members.

“Thank you for your mission and for living up to the people helping people philosophy because that’s why we’re standing in front of you today. That’s why all of us are here,” Calderone said. “We cannot let this tax increase affect our credit unions.” Senate Republicans passed a wide-ranging tax bill last month that included a hike on credit union taxes. A Republican member of the Iowa HOUSE who opposes that move spoke during the rally. Representative Walt Rogers is from Cedar Falls.

“During my second campaign I had a friend of mine come up to me and say: “Why do you support credit unions?’ And I said: ‘Well, do you know what they do? They’re a co-op, non-profit — that their profits go right back to their members.’ I said: ‘I love that model. I believe in that model and that’s what I’m going to support,'” Rogers said. One woman yelled: “Thank you!” as the crowd cheered. Former Iowa Congressman Jim Nussle, a Republican who is now C-E-O of the Credit Union National Association, spoke directly to the Republican leader in the Iowa Senate.

“Let me tell you, Majority Leader Bill Dix: When you tax a credit union, you’re taxing Iowans — 600,000 of them — and we’re here to tell you that’s not fair and we’re not going to stand for it,” Nussle said and the crowd cheered. Iowa Credit Union League president Pat Jury hosted a rally outside the capitol.

“Credit unions even help bank customers save money by providing competition that forces banks to keep their rates consumer friendly,” Jury said, “and more and more Iowans are choosing credit unions for their financial services and banks don’t like this.” After the rally concluded, the crowd walked up the steps to speak with their senators and representatives.

(Radio Iowa)