Vermont 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.
- Credit unions borrowed 270 times from the Federal Reserve’s Discount Window during the third quarter of 2015. Vermont State Employees Credit Union (Montpelier, VT) visited the Discount Window 13 times. – Credit Union Watch, October 2017
- In 2012, the Vermont Department of Financial Regulation ruled that a state chartered credit union could actually use the terms “bank” or “banking” for wording in their own advertisements. – Vermont Department of Financial Regulation ruling, October 2012
- In 2009, the Vermont Department of Banking, Insurance, Securities and Health Care Administration approved Vermont State Employees Credit Union’s request to serve anyone who lives or works in the state of Vermont. – Credit Union Watch, December 2009