At Ukrainian Selfreliance Federal Credit Union (UKRFCU), we pride ourselves on being a not-for-profit financial institution with a mission of helping our members and the community for over 70 years. As a credit union, we operate on principles that set us apart from traditional banks. Unlike banks, which focus on maximizing profits for shareholders, credit unions such as UKRFCU put our members first. That is way over 140 million Americans choose credit unions as their trusted financial partner. Of those 140+ million, 135,849 members belong to the 10 Ukrainian Credit Unions throughout the U.S.

What Makes Credit Unions Different?

Credit unions function on a not-for-profit status, which means our profits are reinvested to enhance member services, lower fees, and lower fees, and higher savings rates. This allows us to provide our members with:

1. Low-to-no-fees on our products and services
2. Better savings rates for higher returns on their savings
3. Affordable loans with better rates for everything from homes to vehicles.

Credit unions serve 43% of all Americans, but hold only 8.8% of assets in financial institutions, a demonstrating how they help members enhance their savings goals and overall financial well-being. The remaining 91.2% of Americans’ assets are held by banks. UKRFCU provides our members with multiple savings and lending options, and financial education, so that they can make informed personal finance decisions.

What is the “Don’t Tax My Credit Union” Movement?

The “Don’t Tax My Credit Union” movement is a nationwide effort focused on protecting the tax-exempt status of credit unions. This status is important for credit unions to be able to provide financial benefits that our members depend on, amounting to over $35+ billion in total consumer financial benefits throughout all credit unions.

Here’s why this movement matters to you:

1. Increased Costs for Members: A tax on credit unions would lead to higher fees and loan rates, making everyday financial services more expensive.
2. Less Member Benefits: Without tax exemption, we’d have fewer resources to reinvest in programs, financial education, and community initiatives that help you and others.
3. Less Access to Affordable Financial Services: Credit unions play a key role in offering affordable financial solutions to individuals and families who may not have access to traditional banks. Taxing us would make it harder for us to continue serving these communities.

What can You do?

Join us in protecting the tax-exempt status of all credit unions. Here’s how you can help:

1. Visit the “Don’t Tax My Credit Union” Website: Learn more about the movement and how it impacts you by visiting www.donttaxmycreditunion.org.
2. Contact Your Legislators: Contact your elected officials to express you support for credit unions, and inform them how UKRFCU has contributed to your financial well-being. Plus, tell Congress to eliminate the credit union federal income tax status by taking action here.

Why It Matters for You!

“At UKRFCU, this commitment is not just a principle—it’s a practice. Last year alone, we returned over 30% of our profits directly back to the community through support programs, financial education, and local initiatives. That’s a far greater impact than what communities might receive from a 20% federal taxes, especially once bureaucratic overhead and redistribution inefficiencies take their toll.”

“In today’s climate of downsizing government and reducing administrative burdens, credit unions stand out as efficient, community-driven financial institutions. We bypass layers of tax collection and fund redistribution, putting resources straight into the hands of those who need them most,” states Askold Sandruskyy, Chairman of the Board of Directors at UKRFCU.

UKRFCU exists to serve our 16,000+ members, the Ukrainian American diaspora, and neighboring communities.  We’re committed to helping you reach your financial goals with better rates, lower fees, and personalized service. However, we can only keep offering these benefits if we maintain our tax-exempt status. By backing the “Don’t Tax My Credit Union” movement, you’re ensuring that we can continue prioritizing our members’ needs.