North Dakota 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 January 2018, Citizens Community Credit Union merged with First Community Credit Union, combining assets to be worth more than $800 million as one entity. – CCCU’s FAQ on merger, January 2018
- In 2015, the NCUA board proposed a new ruling enabling the entire state of North Dakota to be designated as a rural district for common bond purposes, even though more than half of residents live in urban areas. – NCUA’s proposed rule, November 2015