Minnesota 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 Minnesota Resident Making $65,599/Year

$0

Federal Income Taxes Paid Annually by an Average Minnesota Resident Making $65,599/Year

Fast Facts

  • Membership to Affinity Plus Federal Credit Union (worth $2 billion) is available with just a one-time $25 donation to the Affinity Plus Foundation, which is run by the credit union. – Affinity Plus Foundation
  • According to its website, Minnesota-based Wings Financial Credit Union provides loans for yachts and private planes. – Newsmax, July 2017
  • Affinity Plus Federal Credit sponsors the St. Cloud State University Huskies Athletics and University of Minnesota Athletics. – Affinity Plus press release, February 2017
  • Hiway Federal Credit Union sponsors the NHL Minnesota Wild, allowing them to advertise throughout the entire arena. – Minneapolis/St.Paul Business Journal, December 2015