SchoolsFirst Federal Credit Union Joins National "Don’t Tax My Credit Union" Movement to Protect Members’ Financial Well-Being

March 26, 2025

As federal lawmakers consider tax reforms that could impact credit unions nationwide, SchoolsFirst Federal Credit Union, the largest credit union in California and the largest serving school employees and their families, is taking a stand to protect its Members. With key tax provisions set to expire in 2025, there is an effort to revoke credit union's tax-exempt status, a move that could significantly affect millions of Members who rely on these not-for-profit financial institutions for better savings rates, lower loan costs and fewer fees.

SchoolsFirst FCU is joining the national “Don’t Tax My Credit Union” campaign, urging Members to act by contacting legislators with a clear message: A tax on credit unions is a tax on you. More information and a call to action can be found here. 

“As a Member-owned, not-for-profit financial cooperative, our mission is financial security of our Members,” said Bill Cheney, chief executive officer of SchoolsFirst Federal Credit Union. “SchoolsFirst FCU pays employment, property and other taxes, but has been exempt from paying federal income taxes since our founding in 1934. Losing this tax exemption would mean fewer benefits for our Members and higher costs for hardworking school employees and their families. We stand with credit unions across the country in advocating for the financial well-being for all.”

Credit unions are not-for-profit cooperatives that leverage their tax-exempt status to offer Members competitive loan rates, higher dividends on savings and low to no fees. The tax-exempt status underscores their unique mission to serve everyday Americans.

SchoolsFirst FCU is encouraging its team members and Members - and all credit union supporters - to get involved in the “Don’t Tax My Credit Union” campaign by reaching out to their legislators and making their voices heard. Click here to take action.