Alabama Credit Unions' Free Ride

Although they portray themselves as mom and pop shops for people of modest means, today credit unions are a $1.3 trillion industry, with many indistinguishable from banks. The BIG difference – they don’t pay federal income taxes, depriving the U.S. Treasury of roughly $2 billion every year.

Federal Income Taxes Paid by Credit Unions

$0

Federal Income Taxes Paid by Credit Unions
Federal Income Taxes Paid Annually by an Average Alabama Resident Making $46,257/Year

$0

Federal Income Taxes Paid Annually by an Average Alabama Resident Making $46,257/Year

Fast Facts

  • Avadian Credit Union (Birmingham, AL) added 18 new counties to its membership base, doubling the number of counties it serves. – Birmingham Business Journal, February 2016
  • Alabama One Credit Union, worth $602 million, was ordered to cease and desist after it had failed to provide adequate supervision over and direction to the management of the credit union. – Alabama Credit Union Administration, April 2015
  • Multiple Alabama One employees were also suspended for fraudulent practices. – WBRC News, March 2014