Oregon 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 Oregon Resident Making $57,532

$0

Federal Income Taxes Paid Annually by an Average Oregon Resident Making $57,532

Fast Facts

  • A 2015 report analyzing Oregon credit unions’ mortgage lending found the industry made 11,775 home mortgage loans in 2013, 99% of them going to high-income members. – Credit Union Watch, April 2015
  • In 2014, the $914 million Rogue Credit Union in Medford and the $885 million Oregon State Credit Union in Corvallis converted from federal to state charters on January 1 meaning their membership expands to anyone living in the state. – Credit Union Times, December 2014
  • Oregon State Credit Union bought a new $18 million, three story headquarters building in 2015, right after it announced it would be transitioning from a federal to state credit union. – Gazette Times, April 2015