‘Tax Day’ Ads Spotlight Credit Union Tax Exemption

In recognition of Tax Day, the Financial Education and Advocacy Initiative will run ads Wednesday spotlighting credit unions’ outdated tax exemption. FEAI is the 501(c)(4) nonprofit that ABA’s board organized in 2012 to help strengthen the banking industry’s voice in Washington.

“Today, the average American family will pay $11,402 in federal income taxes,” says the print ad, which will run in Politico, a prominent Capitol Hill newspaper. “The $1 trillion credit union industry will pay $0.” ABA President and CEO Frank Keating makes the same point in a local radio spot, adding that credit unions “are on vacation while we have to work.”