Rhode Island 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 Rhode Island Resident Making $60,596/Year

$0

Federal Income Taxes Paid Annually by an Average Rhode Island Resident Making $60,596/Year

Fast Facts

  • The Postal Government Employees Credit Union in Providence struggled with a loss of $820,249 in 2017 due to unsound loans to taxi medallions. Similarly, 360 Federal Credit Union reported a loss of almost $3.12 million for 2017, citing the same issues. – Credit Union Watch, February 2018
  • In addition to Pennsylvania, Indiana, and Texas, state-chartered credit unions in Rhode Island can pay their board members significantly. – Credit Union Watch, May 2013