Louisiana 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.
- Red River Employees Federal Credit Union was sued by a Louisiana bank over trademark infringement. – Texarkana Gazette, December 2017
- In December of 2017, the NCUA closed Riverdale Credit Union, whose assets were then immediately acquired by Jefferson Financial Credit Union of Metairie. – NCUA press release, December 2017