Credit Unions Abuse Their Tax Exemption
Borrowing from U.S. Treasury
For decades, credit unions have adamantly opposed paying one dime of federal income taxes and continue to do so. Yet, the credit union industry borrowed more than $29 billion dollars from the U.S. Treasury.
more than $18 billion to stabilize two failed corporate credit unions through the National Credit Union Administration’s Credit Liquidity Facility in 2009 and
more than $11 billion by the Temporary Corporate Credit Union Stabilization Fund to handle resolution costs of failed corporate credit unions.
More than $5 billion of the borrowed funds remain outstanding, due to the taxpayers.