Virginia 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 Virginia Resident Making $68,114/Year

$0

Federal Income Taxes Paid Annually by an Average Virginia Resident Making $68,114/Year

Fast Facts

  • In 2017, nine Virginia credit unions were sued for violating the Americans with Disability Act (ADA) by failing to make their websites accessible to the visually impaired. – Credit Union Times, October 2017
  • Navy Federal Credit Union (Vienna, VA) invested $100 million to expand its Winchester operations center in Frederick County as part of a larger aggressive growth plan, with plans to grow the credit union to $120 billion in assets and expand membership to 10 million over five years. – Washington Business Journals, January 2017