Nebraska 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 Nebraska Resident Making $56,927/Year

$0

Federal Income Taxes Paid Annually by an Average Nebraska Resident Making $56,927/Year

Fast Facts

  • First York Ban-Corp, a Nebraska Bank, acquired the much smaller Glenvil Cooperative Credit Union of Glenvil in 2012. – Credit Union Watch, November 2013
  • Credit unions are increasingly declining in membership. Nebraska’s credit union system declined 1.1% in the past year. – NCAU, June 2017