Louisiana Credit Unions' Free Ride

Although they portray themselves as mom and pop shops for people of modest means, today credit unions are a $1.3 trillion industry, with many indistinguishable from banks. The BIG difference – they don’t pay federal income taxes, depriving the U.S. Treasury of roughly $2 billion every year.

Federal Income Taxes Paid by Credit Unions

$0

Federal Income Taxes Paid by Credit Unions
Federal Income Taxes Paid Annually by an Average Louisiana Resident Making $45,146/Year

$0

Federal Income Taxes Paid Annually by an Average Louisiana Resident Making $45,146/Year

Fast Facts

  • Red River Employees Federal Credit Union was sued by a Louisiana bank over trademark infringement. – Texarkana Gazette, December 2017
  • In December of 2017, the NCUA closed Riverdale Credit Union, whose assets were then immediately acquired by Jefferson Financial Credit Union of Metairie. – NCUA press release, December 2017