Why Credit Unions Are Tax Exempt – Credit unions don’t pay federal income tax because we are not-for-profit financial cooperatives…
What’s the difference between a traditional bank and a credit union? Well, think of it this way; banks are businesses owned by shareholders, credit unions are not-for-profit money cooperatives owned by those who belong to the credit union.
You’re part of a credit union–wonderful! But what, exactly, does that mean? How will it affect your day-to-day life? What does credit union membership mean for your checking account, your auto loan, and your financial future?
A new analysis by the independent economic research firm ECONorthwest found that Oregon’s credit unions generated $1.9 billion in economic impact in 2014.
The realities behind this top-line figure show that not-for-profit cooperative credit unions are foundational to the state’s economy.
The opinion expressed by the president and CEO of the American Bankers Association, in the June 23, 2014, edition of The Hill, is worthy of comment, despite it being a stretch to yet find another way for a trade association to criticize the efforts of a cooperative system that in the view of many Americans provides better financial services than the banks Mr. Keating represents.
For decades, many banks have considered credit unions to be a threat to their survival. Each year, these banks have urged Congress to place greater restrictions on credit unions to lessen the ability of credit unions to compete.