U.S. Representative Jim McGovern (D-Mass) recently warned regional food co-op leaders, “We are witnessing a concerted effort to starve out independent farmers and dismantle local food systems.”  

Credit union leaders are concerned that they will be targeted, too. Credit unions are member-owned financial institutions, built on principles similar to those guiding Hunger Mountain Co-op. Both our food system and our credit unions rely on neighbors pooling resources, making decisions together, and keeping dollars circulating locally. 

The Times Argus reported that EastRise Credit Union CEO John Dwyer emailed the credit union’s members, warning that Congress might be thinking about doing away with the federal tax exemption created for credit unions in the 1930s. Historically, these member-owned cooperatives have operated without being taxed on the profits they return to their members—a key benefit of their cooperative structure. Simeon Chapin, a longtime member of Hunger Mountain Co-op and now Chief Community Officer at American Eagle Financial Credit Union in Connecticut, explains: “For many years, credit unions have helped people access the capital needed to meet basic needs—whether for transportation, housing, or everyday expenses. If the tax status of credit unions were to change, it would fundamentally alter their ability to offer these services.” 

The new tax could compel credit unions to raise fees, cut services, or even close branches—especially in rural and underserved areas. 

Committed to supporting our community, Hunger Mountain Co-op works to keep dollars circulating locally. Healthy, stable credit unions are vital to this effort.  

“If the reinvestment of your local dollars into your local community is something you value as a co-op member,” Chapin continued, “then the health, vitality, and tax status of credit unions should also matter to you.” 

He urges members to contact Senators Bernie Sanders and Peter Welch and Representative Becca Balint to express their support for these vital community institutions. “It’s important to make sure their legislators—both locally and in Washington—understand how critical these services have been to communities for so long,” he said, “and how essential they are to helping people meet their basic needs.” 

You can reach Sen. Sanders, Sen. Welch, and Sen. Balint through the US Capitol switchboard: 202-224-3121. More information, and a system to send emails about this to Congress, are available at DontTaxMyCreditUnion.org. 

Joe Bergeron, president of the Association of Vermont Credit Unions, told the Times Argus, “What we hope to do is make the issue so controversial in the eyes of lawmakers that whoever is working on legislation, from whatever state they come from, doesn’t even want to touch the thought of putting a new tax on the members of credit unions in Vermont and in the country.”  

We encourage you to learn more about this issue and consider how you can support the continued health of our local credit unions – a cornerstone of our community’s economic well-being. 

If you have thoughts on how our co-op can support credit unions, or want to share your own credit union story, I hope you’ll stop by our next Co-op Connects (see below) or send me an email. There’s so much knowledge and talent in our co-op, and I appreciate learning more from our members.  

Co-op Connects returns April 19, with the General Manager (GM) and Council Members 

General Manager Mary Mullally, council member Nona Estrin, and I will be hanging out in the demo area or outside on the morning of the Co-op’s Earth Day celebration tomorrow: Saturday, April 19. We’re there 10:00 – 11:00 am to talk about anything related to the co-op that’s on your mind. Please stop by!  

The Wrap 

I’m experimenting with pancake recipes, but they keep coming out with squarish patterns. I guess I’m just waffle at it.

—Carl Etnier, Council President

Do you have any questions or comments about the council? Do you know any jokes even faintly related to food and/or co-ops? Please email them to me!