Credit Unions Abuse Their Tax Exemption
CUs Have Outgrown Mission, Exemption
Examples:
Abuse Membership
Restrictions
Building Extravagant
Headquarters
Pay Millions for
Naming Rights
Sub S Banks vs. Credit Unions: An Unfair CU Tax Advantage
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.
Borrowing:
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.