New York 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.
- Congresswoman Carolyn B. Maloney, Chairwoman of the Oversight and Reform Committee, on January 17, 2019 called on the National Credit Union Association (NCUA) to place an immediate moratorium on both taxi medallion loan foreclosures and sales of taxi medallion loans currently owned by the NCUA. - Credit Union Watch, January 2019
- In 2018, CEO of Municipal Credit Union Kam Wong pleaded guilty in U.S. District Court in Manhattan to embezzling nearly $10 million from the credit union. – Credit Union Times, November 2018
- Bethpage Federal Credit Union has a commercial real estate division, advertising its recent deals including a $16.25 million, 280,000 square foot office building in another state, Philadelphia. – Bethpage Credit Union, July 2017
- The $2.5 billion Municipal Credit Union is the official credit union of the New York Jets, and the presenting sponsor of the 2017 Jets draft. – Municipal Credit Union press release, April 2017
- In 2016, the leader in Credit Union CEO compensation as a percentage of net income, at 104.87% was the CEO of Municipal Credit Union, Kam Wong. – Credit Union Watch, June 2016
- Membership at New York’s $6.9 billion Bethpage Federal Credit Union is open with no field of membership restrictions at all. Anyone, anywhere can join by opening a $5 savings account. – Deposit Accounts, April 2016