California 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 California Resident Making $67,739/Year

$0

Federal Income Taxes Paid Annually by an Average California Resident Making $67,739/Year

Fast Facts

  • California’s largest credit union, the $11 billion Golden 1, has a field of membership covering two-thirds of the state: anyone who lives or works in 38 out of California’s 58 counties. In addition, anyone can join if they pay $8 to the Financial Fitness Association. – Financial Fitness Association
  • Golden 1 also bought the naming rights to the NBA arena that houses the Sacramento Kings for a reported $120 million, and advertises it offers “the same products, services, and stability you’d find at a traditional bank.” – Newsmax, July 2018
  • A $15 gift to the Computer History Museum allows anyone to join California’s $9.8 billion First Tech Federal Credit Union.- First Tech Federal Credit Union
  • California’s $2.2 billion Technology Credit Union has a private wealth management division. – Tech Credit Union, July 2017