Credit unions’ federal tax exemption costs the U.S. more than $3.1 billion per year. Without reporting requirements holding them accountable to their mission, it remains unclear what exactly taxpayers get in return.
There are moments when it’s easy to explain how large credit unions are abusing their federal tax exemption, which was created by Congress years ago to subsidize the provision of financial services to people of modest means.
It’s that time of year again in Washington: The annual Congressional negotiation over the National Defense Authorization Act. And as sure as the sun rises in the east and sets in the west, tax exempt credit unions are yet again trying to limit the financial services options for our women and men in uniform.
Orion Federal Credit Union, a $1 billion market leader in Memphis, Tenn., announced plans to acquire $775 million Federal Financial Bank in August 2021.
A $1.6 billion credit union in Texas reached a deal to brand the Allen, Tx. Event Center as the Credit Union of Texas Arena. The credit union is spending $2.2 million for the privilege.
Iowa’s largest credit union, GreenState Credit Union, buys two banks that collectively manage assets of more than $1.1 billion.
United Federal Credit Union signed a definitive purchase and assumption agreement to buy in an all-cash transaction the $249 million Edgewater Bank.
Texas Trust Credit Union has signed a landmark naming rights agreement with AEG Presents, one of the world’s largest live entertainment companies, to rename The Theatre at Grand Prairie.
In the largest bank acquisition to date, VyStar Credit Union entered into an agreement to purchase a $1.6 billion Georgia bank.
Struggling with declining revenues due to the pandemic, Washington State University Athletics agreed to sell the naming rights of Martin Stadium to GESA Credit Union in a 10-year, $11 million deal earlier this month.
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