California 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.
- San José State University and Provident Credit Union (Redwood City, CA) entered into an $8.1 million, 20-year partnership agreement to rename The Event Center at San José State University to Provident Credit Union Event Center. - Credit Union Watch, August 2019
- California’s largest credit union, the $11 billion Golden 1, has a field of membership covering two-thirds of the state: anyone who lives or works in 38 out of California’s 58 counties. In addition, anyone can join if they pay $8 to the Financial Fitness Association. – Financial Fitness Association
- Golden 1 also bought the naming rights to the NBA arena that houses the Sacramento Kings for a reported $120 million, and advertises it offers “the same products, services, and stability you’d find at a traditional bank.” – Newsmax, July 2018
- A $15 gift to the Computer History Museum allows anyone to join California’s $9.8 billion First Tech Federal Credit Union.- First Tech Federal Credit Union
- California’s $2.2 billion Technology Credit Union has a private wealth management division. – Tech Credit Union, July 2017