Letters to the Editor

A tax increase on credit unions is not equal

I came from Venezuela to the U.S. 20 years ago. Since I moved to Iowa 10 years ago, my family and I have found a financial home at the University of Iowa Community Credit Union. With great rates and member service, UICCU has been a true partner. If I’m not happy with UICCU’s services, I know I can voice my concerns and they will listen.

That’s the problem with Senate File 2383, a bill before the Iowa Legislature. It threatens to take away choice by making all financial institutions “equal.” Taxing not-for-profit credit unions the same as for-profit banks is not equal, and will impact rates and fees for consumers like me. Finding a consumer-friendly credit union helped us create a better financial future for our family.

Credit unions, as not-for-profit financial cooperatives, are focused on returning earnings to every member through better rates, fewer fees and personal service. My family and I, along with 1.1 million Iowans, have benefited from this current system. Iowa consumers should have the ability to choose the model that best fits their financial needs.

Alejandro P. Comellas, M.D.

Iowa City

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