Credit Union: Facts & Figures of Interest

Compelling Facts & Figures

  • Credit Unions are now a $1.3 trillion industry, competition for the same business and offering the same products as community banks. Graph!
  • There are now 281 credit unions with more than $1 billion in assets - a large increase from 1994, when only 13 credit unions were this large. Graph!
  • The credit union tax subsidy benefits only the largest institutions.
    Of the $9.7 billion credit union industry profits reported in 2016, three-fourths of those profits were concentrated in credit unions with over $1 bllion in assets, representing less than 5 percent of credit unions. Graph!
  • The credit union tax exemption is expected to cost U.S. Taxpayers $35.3 billion over the next 10 fiscal years according to the conservative estimates of 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. Graph!
  • A 2006 U.S. Government Accountability Office study found that a bigger portion of credit union customers are upper-income compared to bank customers. Graph!
  • Increasing the statutory business lending cap benefits only a tiny fraction of the industry Graph!
    The results of unsupervised, aggressive bsuiness lending: Failures
  • 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  • Canada and Australia, in 1972 and 1994 respectively, repealed their credit union industries' tax exemptions.
 

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