Kentucky 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 Kentucky Resident Making $46,659/Year

$0

Federal Income Taxes Paid Annually by an Average Kentucky Resident Making $46,659/Year

Fast Facts

  • Based on a Kentucky Supreme Court Ruling, Kentucky federal credit unions can grant fields of membership based on geography only. – Supreme Court of Kentucky ruling, May 2010
  • In 2016, University of Kentucky Federal Credit Union extended its partnership to another 15 years with the University of Kentucky. – UK Now, September 2016
  • Evansville Teachers FCU purchased the First Liberty Financial Mortgage, expanding the credit union into 12 new markets in Kentucky, Tennessee, Alabama, and Mississippi. – CU Today, November 2016