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What is the SSFCUPAC? The Security Service Federal Credit Union Political Action Committee (SSFCUPAC) was formed to assist the credit union to more actively participate in legislative affairs that directly impact the credit union industry. Who does the SSFCUPAC support? The SSFCUPAC is non-partisan and supports individuals and organizations at the state and national levels that support issues and initiatives important to SSFCU and the credit union industry. Why is a political action committee necessary? The American Bankers Association has established a nationwide campaign designed to impose severe limits at the state and federal levels on our ability to improve service to our members. In addition, they intend to impose additional regulations and income taxes on credit unions. Credit unions are, by law, exempt from such taxes as not-for-profit financial cooperatives. If successful, the banking industry could severely limit our ability to provide members with the products and services they want and deserve. To effectively combat these attacks and keep our industry viable, we need to maintain constant contact and provide support to our elected officials. What is the political action committee’s purpose? The SSFCUPAC gives us a voice in the legislative arena and provides us with the ability to influence issues that directly impact our industry. This is made possible by contributing to the campaigns of elected officials and candidates that support credit union issues and initiatives. Why doesn’t Security Service support the PAC by charging a service fee or by using corporate funds? The Federal Election Campaign Act (FECA) and many state statutes prohibit corporations from using their general treasury funds to make contributions in connection with federal and state elections. Campaign contributions for federal and state candidates are limited to individual, personal contributions and those from Political Action Committees.  |
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