Last week, Utah Valley University (UVU) announced “the largest single gift in UVU’s history,” a $28.5 million pledge from Utah Community Credit Union (UCCU), with $20 million earmarked for a state-of-the-art soccer stadium featuring 10 luxury suites. This questionable use of credit union member – and taxpayer – resources highlights a troublesome trend within the credit union industry.
Cost to Taxpayers
The federal income tax exemption for credit unions sticks taxpayers with a hefty bill: nearly $24 billion over 10 years. But with no public accountability for their contributions to their communities, it’s fair to ask: What do taxpayers get in return?