Iowa 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 Iowa Resident Making $56,247/Year

$0

Federal Income Taxes Paid Annually by an Average Iowa Resident Making $56,247/Year

Fast Facts

  • The University of Iowa has its own credit union – the University of Iowa Community Credit Union – which the Iowa Board of Regents has raised as a potential threat to the university for any scandals it might get involved in. – Des Moines Register, March 2018
  • Veridian Credit Union uses Americans with disabilities as a common bond -but provides no further distinctions, enabling many to use this reasoning to join. – Credit Union Watch, September 2014