No more tax subsidies for credit unions - Washington Examiner

No more tax subsidies for credit unions - Washington Examiner

Credit unions were originally created to serve low-income and rural households. That is why they don’t pay federal taxes and are exempt from filing an Internal Revenue Service Form 990, unlike other nonreligious, nonprofit organizations.  But today, credit unions have become one of the fastest-growing segments of the banking sector, gobbling up for-profit community banks left and right. These new behemoths are using their tax subsidy to distort …

No more tax subsidies for credit unions

Credit unions were originally created to serve low-income and rural households. That is why they don’t pay federal taxes and are exempt from filing an Internal Revenue Service Form 990, unlike other nonreligious, nonprofit organizations. But today, credit unions have become one of the fastest-growing segments of the banking sector, gobbling up for-profit community banks...