Goldenwest Urges Support for Credit Union Tax-Exempt Status

OGDEN, UT: March 31, 2025 – Goldenwest Credit Union and USU Credit Union are calling on members and supporters to help protect the financial benefits that credit unions provide to their members and communities. The U.S. Congress is currently considering tax reforms that could eliminate the tax-exempt status of credit unions nationwide, which would have a direct and significant impact on nearly 200,000 Goldenwest and USU Credit Union members.

The potential loss of tax-exempt status threatens to change the credit union model and affect key member benefits, including:

• The possible elimination of free checking accounts.
• Increased fees on mortgages, credit cards, and other services.
• Higher auto and homeowners’ insurance rates.
• Increased loan rates and decreased deposit dividends.
• The potential loss of year-end member bonuses, which have returned over $30 million to Goldenwest members over the past two decades.
• Reduced funding for community programs and local event sponsorships.

Goldenwest is encouraging members to take action by contacting their U.S. Representatives and urging them to support credit unions. Those interested can visit www.donttaxmycreditunion.org/#take-action to send a message directly to their representatives.

Additionally, Goldenwest extends its gratitude to Utah’s Congressional Representatives Celeste Maloy, Mike Kennedy, and Burgess Owens for signing a letter urging the Ways and Means Committee to preserve the tax-exempt status of credit unions. Their advocacy helps protect the financial well-being of credit union members and ensures that our not-for-profit financial institutions can continue providing valuable services to individuals, families, and businesses in our community.

For more information, visit the Advocacy page on Goldenwest Credit Union’s website.