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The Impact of Credit Unions on Delaware

Delaware 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.

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

Key Statistics

$11,978

Federal Income Taxes Paid Annually by an Average Delaware Resident Making $74,194/Year

$0

Federal Income Taxes Paid by Credit Unions

Download Delaware's Consumer Impact Report

Recent News and Insights

Mission Accomplished? Delaware Credit Union’s Actions Highlight Need for Consumer Compliance Exams and Additional Reforms Consumer protection is supposed to be a core component of the credit union mission. As not-for-profit financial cooperatives, credit unions often claim that their corporate structure ensures high standards of consumer compliance (after all, they’re member owned!). But one Delaware credit union’s recent legal woes demonstrate the hypocrisy of that tired industry mantra.
Community Chartered Credit Union Uses a Foundation to Gain Members Federal Credit Union (SCFCU) used a foundation to increase membership eligibility.

Learn more about the issue.

Cost to Taxpayers icon

Cost to Taxpayers

Abandoned mission icon

Abandoned Mission

unwarranted advantage icon

Unwarranted Advantage

Lack of accountability icon

Lack of Accountability

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

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ABA: The American Bankers Association

Copyright © 2023 American Bankers Association | About this Campaign

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Copyright © 2021 American Bankers Association | About this Campaign