Explore Credit Unions:
Credit unions were granted federal income tax exemption for a reason, but over the years they have continuously abused the system with no oversight.
Congress never intended for tax savings to be squandered on marketing, executive pay, and sponsorships.
American taxpayers will have to pick up the credit unions’ tab to the tune of more than $20 billion over the next 10 years.
Large Credit Unions vs. American Taxpayers
News & Insights
The latest news and updates proving credit unions continue to game the system.
July 10, 2020
February 25, 2020
Credit Union Tax Map
Find out how much the average person in your state pays in federal income taxes vs. what large tax-exempt credit unions pay.
What People Are Saying
“Given the change in the financial sector over the last several decades, it would be useful for lawmakers to reexamine the extent to which credit unions currently fulfill their original purpose. If they have strayed from their intended function and now resemble other taxed financial institutions, their exemption would represent a disparity across similar economic activities.”
-Erika York, Tax Foundation
“But if your word is your bond, does everyone who speaks share a common bond? In that case, the concept of a common bond is meaningless. That is the direction that the nation’s credit union movement, including its federal regulator, appears to be moving — and that’s something the public and policymakers need to stop and think about.”
-Aaron Klein, The Brookings Institute
“With respect to the credit unions and community banks, Congress set up credit unions in a certain way. They are not subject to taxation and they also don’t have CRA requirements…. I’m getting to that the playing field may not be exactly leveled.”
-Jelena McWilliams, FDIC Chair