Wisconsin 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. One credit union, Connexus Federal Credit Union, is available to anyone for just a $5 membership fee. That’s nearly equal access to customers as traditional banks, with none of the same federal taxes paid.
Credit unions deprive the U.S. Treasury of $3.1 billion a year, while taxpayers in every state pick up the tab.
