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.
Say goodbye to the Classic Amphitheater at the Richmond Raceway and hello to a new name: Virginia Credit Union LIVE!
The Postal Government Employees Credit Union in Providence struggled with a loss of $820,249 in 2017 due to unsound loans to taxi medallions. Similarly, 360 Federal Credit Union reported a loss of almost $3.12 million for 2017, citing the same issues.
Idaho Central Credit Union paid $10 million to name the new basketball arena at the University of Idaho.
Red River Employees Federal Credit Union was sued by a Louisiana bank over trademark infringement.
IH Mississippi Valley Credit Union built a new $26 million headquarters in Moline. The project received a tax incentive up to $3.9 million.
California’s largest credit union, Golden 1, bought the naming rights to the NBA arena that houses the Sacramento Kings for a reported $120 million, and advertises it offers “the same products, services, and stability you’d find at a traditional bank.”
The $2.5 billion Municipal Credit Union is the official credit union of the New York Jets, and the presenting sponsor of the 2017 Jets draft.
In 2016, Nevada’s Greater Nevada Credit Union began a multi-year naming rights agreement with the home venue of the Reno Aces Baseball Club and Reno 1868 Football Club to be known as Greater Nevada Field. This type of sponsorship typically costs a minimum of six figures annually.
In 2016, Service Credit Union paid for the naming rights of the premium club-seating area at the University of New Hampshire’s football stadium.
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