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Explore Credit Unions is a public education campaign created by the American Bankers Association committed to showing taxpayers how large credit unions are exploiting a tax loophole to give the industry an unfair competitive advantage. We call on policymakers to take notice and to take action to stop the mission creep of these large credit unions while small credit unions, community banks, and taxpayers bear the burden.
We aren’t asking Congress to get rid of credit unions. In fact, many credit unions are fulfilling their mission and playing by the rules. Instead, we believe Congress should require large credit unions with billions in assets and operating like banks to pay taxes and make good on their mission of helping people of modest means. We call on lawmakers to conduct rigorous oversight of the NCUA to ensure it carries out its responsibilities to regulate credit unions, instead of playing industry cheerleader.
Explore More About Credit Unions
Credit unions were granted federal income tax exemption for a reason, but they abuse the system with no oversight.
Congress never intended for tax savings to be squandered on marketing, executive pay, and sponsorships.