Large credit unions have lost their way. It’s time to level the playing field and hold them accountable.
Credit unions pay no federal income taxes, leaving the rest of us to pick up the bill for their $1.9 trillion industry. The tax exemption made sense in 1934, but it doesn’t anymore.
Credit unions talk about serving the underserved and protecting consumers, but do we know what they’re up to? Public accountability is scant, and examples of abuse are plentiful.
Credit unions were formed during the Great Depression to help the poor access credit–and they received government supports to do so. Those supports are no longer necessary.
Credit unions take advantage of their privileged tax status to buy tax-paying banks, expand market share, and fuel unbridled growth, while no longer targeting people in need. Why does a $1.9 trillion industry need a free ride?
Credit unions pay no federal income taxes, leaving the rest of us to pick up the bill for their $1.9 trillion industry.
Credit unions were formed during the Great Depression to help the underserved access credit. That mission is long gone.
Credit unions exploit their privileged tax status to buy tax-paying banks and expand their market share beyond what's fair.
Credit unions claim they serve the underserved and protect consumers, but how do we know what they're actually doing?
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