New Mexico 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

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Federal Income Taxes Paid by Credit Unions
Federal Income Taxes Paid Annually by an Average New Mexico Resident Making $62,909/Year

$0

Federal Income Taxes Paid Annually by an Average New Mexico Resident Making $62,909/Year

Fast Facts

  • Between 2012-2014, outstanding business loans almost doubled at New Mexico Educators Federal Credit Union from $125.2 million to almost $241.6 million. This represents a compound annualized growth rate of almost 39 percent, which should raise concern as to where the increase in resources comes from. – Credit Union Watch, January 2015
  • U.S. Eagle Federal Credit Union lists among its common bond provisions “people who are 50 years of age or better and residents of New Mexico”. When credit unions were granted tax exemption, age was not listed as a form of commonality. – Credit Union Watch, March 2016