Oklahoma 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.
- According to HDMA, only 6 percent of credit union mortgages in Oklahoma have been provided to low-income individuals, whereas 52 percent of credit union mortgages have gone to upper-income individuals.
- 49 HMDA-reporting credit unions serving Oklahoma did not make a single loan to a low-income individual, and 26 HMDA-reporting credit unions serving Oklahoma only originated mortgages to upper-income individuals.
- Tinker Federal Credit Union, with $3.6 billion in assets, is larger than 98 percent of Louisiana- headquartered banks, and advertises a multitude of ways (700) to become a member.
- Tinker Federal Credit Union advertises a multitude of ways to become a member
- Communication Federal Credit Union tells members exactly how they can join even if they don’t fall within its community charters.