North Carolina 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 North Carolina Resident Making $50,584/Year

$0

Federal Income Taxes Paid Annually by an Average North Carolina Resident Making $50,584/Year

Fast Facts

  • In 2017, North Carolina’s Truliant Federal Credit Union launched a widespread ad campaign across the state, with billboards, newspaper ads, and online and direct mail marketing urging customers to split away from their community banks and join the credit union. – The Charlotte Observer, May 2017  
  • North Carolina State Employee’s Credit Union Foundation paid $1.5 million for naming rights to Asheville Plaza at the Asheville Art Museum. – Mountain Xpress, October 2014  
  • Self-Help Credit Union in North Carolina funded a $18 million construction loan for a charter school in Miami, Florida on the common bond basis of a one-time $5 donation to the Center for Community Self Help. – South Florida Business Journal, December 2015
  • In 2015, through intense lobbying efforts on the Hill, Martin Eakes, founder of the Center for Community Self-Help, convinced the government to regulate payday lenders that compete with the Self-Help Credit Union. – The Washington Free Beacon, January 2015