Michigan 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.
- Teachers CU to Acquire New Buffalo Savings Bank. - CU Insight, April 2019
- The $5.2-billion Lake Michigan Credit Union agreed to acquire $400-million Encore Bank, headquartered in Naples, Florida. The combined entity will have over $9 billion in serviced mortgages, with ten branches in Florida and over 40 in Michigan. – CU Today, August 2017