The Impact of Credit Unions on Wisconsin
Wisconsin 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. One credit union, Connexus Federal Credit Union, is available to anyone for just a membership fee. That’s nearly equal access to customers as traditional banks, with none of the same federal taxes paid.Credit unions deprive the U.S. Treasury of .1 billion a year, while taxpayers in every state pick up the tab.
Summit Credit Union
is the largest credit union in Wisconsin with$6.9BASSETSLarger than 99% of Wisconsin-headquartered banks
Summit Credit Union
should have paid$10.7MIN TAXESInstead, they paid $0
Taxes Paid in 2022
