South Dakota 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 South Dakota Resident Making $54,467/Year

$0

Federal Income Taxes Paid Annually by an Average South Dakota Resident Making $54,467/Year

Fast Facts

  • In 2017, through strategic gerrymandering, Black Hills Federal Credit Union used the district loophole to connect South Dakota’s two largest distinct metropolitan areas by population size. The credit union has used the rural district geographic common-bond to expand its footprint across the state on three different occasions. – NCUA Report of Activity, May 2017
  • Black Hills Federal Credit Union was challenged in the South Dakota Supreme Court after complaints that it unilaterally changed the terms of the policy by increasing what it charged for coverage with negligible increase in disability coverage. – Credit Union Watch, May 2013