Virginia 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.
- Tysons, Va.-based PenFed rolled out a splashy $50 million ad campaign in five states, Puerto Rico and the District of Columbia touting its “great rates for everyone.” Old restrictions for membership no longer apply at PenFed and other large credit unions that do not pay federal income taxes. Membership, PenFed proudly points out, is literally open to all. - Explore Credit Unions, January 2020
- Old Dominion University (ODU) and Chartway Federal Credit Union (Virginia Beach, VA) have signed a 10-year naming rights agreement for the 8,400-seat arena in the Ted Constant Convocation Center complex. - Credit Union Watch, June 2019
- Virginia Credit Union, Inc. (North Chesterfield, VA) has bought the naming rights to the outdoor amphitheater at the Richmond Raceway with 6,000 covered seats. - Credit Union Watch, February 2018
- In 2017, nine Virginia credit unions were sued for violating the Americans with Disability Act (ADA) by failing to make their websites accessible to the visually impaired. – Credit Union Times, October 2017
- Navy Federal Credit Union (Vienna, VA) invested $100 million to expand its Winchester operations center in Frederick County as part of a larger aggressive growth plan, with plans to grow the credit union to $120 billion in assets and expand membership to 10 million over five years. – Washington Business Journals, January 2017