The Impact of Credit Unions on Maine

Maine credit unions’ federal tax exemption no longer serves its purpose as the industry moves even further away from its mission of providing consumer-focused financial services to people of modest means. For example, the $383 million Maine State Credit Union is larger than over half of all tax-paying banks in the country—an obvious unlevel playing field. 

Credit unions deprive the U.S. Treasury of $3.1 billion a year, while taxpayers in every state pick up the tab.

Key Statistics

$9,481

Federal Income Taxes Paid Annually by an Average Maine Resident Making $66,546/Year

$0

Federal Income Taxes Paid by Credit Unions

Recent News and Insights

Tell Congress: It’s time to reform credit unions.