Prioritizing Profit: The Rising Complexity of Modern Credit Unions.

Modern credit unions have outgrown their preferential tax and regulatory treatment and have escaped proper scrutiny for far too long. While credit unions continue to evolve and expand well beyond the scope of their original mission, American taxpayers are picking up the bill. Tell policymakers it’s time to examine and modernize the laws and regulations for credit unions.

Learn more about the issue.

Modern credit unions have lost their way.  

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Cost to Taxpayers

As a result of their outdated, historic protections, credit unions avoid various forms of taxation —leaving American taxpayers to cover the costs of their $2.2 trillion industry.

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Abandoned Mission

Credit unions were formed during the Great Depression and given a tax exemption to help those in need. Now, the industry has sought changes to allow expansion beyond that original mission.

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Outdated Regulations

Today’s credit unions are growing in ways that were never contemplated when the rules and tax laws were written in the 1930s. Now credit unions are practically indistinguishable from banks, except that they don’t pay federal income tax.

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Lack of Accountability

Credit unions claim their mission and structure enable them to help the underserved, but there’s no way to verify this. In fact, credit unions are exempt from common reporting requirements like the Community Reinvestment Act.

Key Statistics

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Average taxes paid by Americans in 2019. Paid by credit unions? $0.

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Total assets in federally insured credit unions.

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In bank assets bought up by credit unions over the last 10 years.

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Average bank size acquired by credit unions in 2022 to date.

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