Maine 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 Maine Resident Making $53,079/Year

$0

Federal Income Taxes Paid Annually by an Average Maine Resident Making $53,079/Year

Fast Facts

  • According to HDMA, only 12 percent of credit union mortgages in Maine have been provided to low-income individuals, whereas 42 percent of credit union mortgages have gone to upper-income individuals.
  • 44 HMDA-reporting credit unions serving Maine did not make a single loan to a low-income individual, and 27 HMDA-reporting credit unions serving Maine only originated mortgages to upper-income individuals.
  • Maine State Credit Union, with $383 million in assets, is larger than over half of all tax-paying banks in the country.
  • There are more than twice as many Credit Unions headquartered in Maine than banks.
  • Maine State Credit Union allows you to join the credit union if you live with someone who is a member.