Connecticut 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 Connecticut Resident Making $73,433/Year

$0

Federal Income Taxes Paid Annually by an Average Connecticut Resident Making $73,433/Year

Fast Facts

  • Nutmeg State Financial Credit Union fired several employees after they communicated to regulators about the executives artificially inflating profits through earnings management to boost the pay of the credit union’s CEO. – Hartford Business Journal, June 2016
  • $1.3 billion American Eagle Federal Credit Union converted from a federal credit union to a state credit union, which allowed them to expand their membership widely across almost the entire state – Credit Union Watch, January 2015
  • Bethpage Federal Credit Union provided a $20 million refinancing loan to Staten Island Expressway Plaza shopping center – Long Island Business News, October 2017