Wisconsin 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 Wisconsin Resident Making $56,811/Year

$0

Federal Income Taxes Paid Annually by an Average Wisconsin Resident Making $56,811/Year

Fast Facts

  • Wisconsin’s $1.6 billion Connexus Federal Credit Union is available to anyone that just pays a one-time fee of $5 to join the “Connexus Association.” – Connexus Credit Union
  • In 2013, the Wisconsin Office of Credit Unions approved applications from Westconsin Credit Union in Menominee seeking two exceptions from the state’s Member Business Loan (MBL) regulation, allowing them to expand their sevices further. – NCUA 2013 press release