Texas 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 Texas Resident Making $56,565/Year

$0

Federal Income Taxes Paid Annually by an Average Texas Resident Making $56,565/Year

Fast Facts

  • Texas Dow Employees Credit Union acquired $34 million in loans and $30 million in deposits by seven retail Hancock Banks it acquired in 2013. – Hancock Holding Company Press Release, July 2013
  • Texas Trust Credit Union made a $100,000 gift to University of Texas Arlington’s Career Development Center, which will be named after the Credit Union. – Star Telegram, July 2016