Compelling Facts and Figures
- Credit Unions are now a $1 trillion industry, competition for the same business and offering the same products as community banks.
- There are now 208 credit unions with more than $1 billion in assets – a large increase from 1991, when only 11 credit unions were this large.
- A 2006 U.S. Government Accountability Office study found that a bigger portion of credit union customers are upper-income compared to bank customers.
- Of the $8.6 billion credit union industry profits reported in 2012, three-fourths of those profits were concentrated in credit unions with over $500 million in assets, representing less than 6 percent of credit unions.
- Since 2001, credit unions have increased the deficit by not paying an estimated $20.5 billion in federal income taxes.
- The credit union tax exemption is expected to be the 17th largest corporate tax expenditure by conservative estimates found in the Office of Management and Budget’s Analytical Perspectives.
- An individual tax payer will pay more in taxes each year than all credit unions combined.
- Decades ago, mutual insurance companies and mutual savings banks, with ownership structures similar to credit unions, lost their tax exemptions, specifically in the 1940s and 50s and continue to operate, and thrive, while paying taxes.
- Canada and Australia, in 1972 and 1994 respectively, repealed their credit union industries’ tax exemptions.