It’s not just credit unions that are making a pile from buying banks. As it turns out, there is a cottage industry of consultants and advisors behind these deals, which are fueled by credit unions’ federal tax exemption.
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?