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.
Once upon a time, people could only join the PenFed credit union if they shared a “common bond” with other members through an affiliation with the military. Such restrictions were once offered as a reason large credit unions were exempt from paying federal taxes.
Turns out credit unions might not be so great when it comes to customer satisfaction, a claim they use to justify their absurd tax status and ever-expanding, disingenuous expansion into markets with no logical “common bond” among members.
GreenState Credit Union has entered into a 10-year naming rights deal for the fieldhouse being built in Coralville, Ia., as part of a new arena. – The Gazette, October 2019
Founders Federal Credit Union and the University of South Carolina struck a deal in 2019 to further expand the sponsorship relationship between the multi-billion dollar credit union and the state’s flagship university. – Founders Federal Credit Union, September 2019
Guardian Credit Union (Montgomery, AL) sponsors the Guardian Championship on the LPGA’s Symetra Tour in Prattville, Alabama.
The inside of Old Dominion University’s arena will soon showcase Chartway Federal Credit Union’s name, thanks to a new $4.25 million branding and sponsorship agreement. – Credit Union Times, June 2019
$165 million Northeast Community Credit Union of Elizabethton, Tenn. inked a deal to rename the local minor league baseball field after itself, following scores of other not-for-profit credit unions nationwide spending millions to slap their names on the sides of stadiums and arenas from sea-to-shining-sea. – CU Today, May 2019
Maine Savings Federal Credit Union (Hampden, ME) bought the naming rights to a performance venue in Westbrook.
For $37.7 million, Public Service Credit Union received naming rights to the new football stadium at Colorado State University.
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