Maine credit unions’ federal tax exemption no longer serves its purpose as the industry moves even further away from its mission of providing consumer-focused financial services to people of modest means. For example, the $383 million Maine State Credit Union is larger than over half of all tax-paying banks in the country—an obvious unlevel playing field.
Credit unions deprive the U.S. Treasury of $3.1 billion a year, while taxpayers in every state pick up the tab.
