It’s hard not to chuckle after reading Frank Keating’s latest rant on The Hill’s Congress Blog (“Time for Congress to tackle credit unions’ runaway regulator,” July 23) against credit unions and their federal regulator, the National Credit Union Administration (NCUA). Any time you see the bankers complaining about credit unions, know that life must be pretty good for the banking industry.
James A. Hughes, president of Unity Bank, recently penned an Industry Insights blog for NJBIZ entitled “It’s time for credit unions to pay their fair share.” There is a simple reason why credit unions do not pay taxes — they are member-owned, not-for-profit financial cooperatives that have numerous restrictions placed on them that banks do …
Setting the record straight regarding credit unions and taxes Read More »
Nothing brings residents and fans together like the construction of a world-class downtown arena, a visible symbol of the region’s economic and cultural revival. The community continues to celebrate the historic announcement of a 20-year partnership between the Sacramento Kings and Sacramento’s own Golden 1 Credit Union.
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?
