New Hampshire 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.
- In 2016, Service Credit Union paid for the naming rights of the premium club-seating area at the University of New Hampshire’s football stadium. – CU Today, March 2016
- A study by the New Hampshire Bankers Association and the Community Bankers of New Hampshire found that 44 percent of small banks in the state serve New Hampshire’s least wealthy counties, while only 15 percent of credit union branches (14 branches) serve those similar areas. – Credit Union Watch, April 2014
- The same study also found that only 25 percent of the credit union tax subsidy is given to borrowers. Another 25 percent of the tax subsidy is used for non-interest expenses of credit unions. – Credit Union Watch, April 2014
- Service Credit Union serves 9/10 counties in New Hampshire, all except Coos County, which is the poorest county in the state. – Credit Union Watch, January 2014