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Credit Unions are now a $1 trillion industry, competition for the same business and offering the same products as community banks.

There are now 208 credit unions with more than $1 billion in assets - a large increase from 1991, when only 11 credit unions were this large.

A 2006 U.S. Government Accountability Office study found that a bigger portion of credit union customers are upper-income compared to bank customers.

Of the $8.6 billion credit union industry profits reported in 2012, three-fourths of those profits were concentrated in credit unions with over $500 million in assets, representing less than 6 percent of credit unions.

Since 2001, credit unions have increased the deficit by not paying an estimated $20.5 billion in federal income taxes.

The credit union tax exemption is expected to be the 17th largest corporate tax expenditure by conservative estimates found in the Office of Management and Budget's Analytical Perspectives.

An individual tax payer will pay more in taxes each year than all credit unions combined.

Decades ago, mutual insurance companies and mutual savings banks, with ownership structures similar to credit unions, lost their tax exemptions, specifically in the 1940s and 50s and continue to operate, and thrive, while paying taxes.

Canada and Australia, in 1972 and 1994 respectively, repealed their credit union industries' tax exemptions.

AZGrizFan wrote:

Desperation knows no bounds, eh Douche1Bag?

D1B wrote:Tax-exempt bullshit.

Next time you hear Z bitching bout some poor black woman on food stamps, ask him if his business is paying their fair share? I bet he has no clue anyway.

This shit cost us billions of dollar in tax revenue.

Credit Unions are now a $1 trillion industry, competition for the same business and offering the same products as community banks.

There are now 208 credit unions with more than $1 billion in assets - a large increase from 1991, when only 11 credit unions were this large.

A 2006 U.S. Government Accountability Office study found that a bigger portion of credit union customers are upper-income compared to bank customers.

Of the $8.6 billion credit union industry profits reported in 2012, three-fourths of those profits were concentrated in credit unions with over $500 million in assets, representing less than 6 percent of credit unions.

Since 2001, credit unions have increased the deficit by not paying an estimated $20.5 billion in federal income taxes.

The credit union tax exemption is expected to be the 17th largest corporate tax expenditure by conservative estimates found in the Office of Management and Budget's Analytical Perspectives.

An individual tax payer will pay more in taxes each year than all credit unions combined.

Decades ago, mutual insurance companies and mutual savings banks, with ownership structures similar to credit unions, lost their tax exemptions, specifically in the 1940s and 50s and continue to operate, and thrive, while paying taxes.

Canada and Australia, in 1972 and 1994 respectively, repealed their credit union industries' tax exemptions.

Fuck credit unions. They're the same as banks, so tax em.

Ibanez wrote:D1b, where do you keep your non-interest earning money?

Establishing an account at a credit union usually requires a smaller deposit than that of a bank; credit unions usually require $5–$30 to open an account, while major banks sometimes require $50–$100 deposit. The required minimum deposit to join a credit union is called a share and establishes the depositor as a member with full ownership rights.

Tension has always existed between member-owned cooperative credit unions and for-profit banks in the United States. When credit unions were first organizing in the US in the early 20th century, the banking industry was opposed, remaining so ever since. Banks and bank trade associations consistently put anti-credit union legislation at the top of their agendas.

Due to their status as not-for-profit, member-owned financial institutions with no source of secondary investment capital, credit unions in the US are exempt from federal and state income taxes (but not from other forms of tax, such as payroll, sales, or property taxes). Credit union members themselves pay income tax on dividends earned through financial participation in the credit union; this is similar to the taxation structure enjoyed by many banks incorporated under Subchapter S of Chapter 1 of the Internal Revenue Code.

To extend their member service reach, many credit unions participate in shared ATM and branch networks. Most credit unions participate in the CO-OP Network, which allows members of participating credit unions to use nearly 30,000 ATMs without fees or surcharges. Shared branching is a cooperative venture whereby members of one credit union can perform basic transactions at no additional cost at any branch owned by other credit unions within the network.

Bank holding companies and their affiliates aggressively compete to provide services to credit unions through their ATMs networks, corporate checking accounts, and certificate of deposit programs. In 2007, the American Bankers Association (ABA) barred credit union employees from attending ABA-sponsored educational seminars. This includes online classes that require registration. Based on the pretext that the ABA only wants to serve its members, the ABA continues to try to weaken credit unions and take back the market share that credit unions currently hold.

United States credit unions typically pay higher dividend (interest) rates on shares (deposits) and charge lower interest on loans than banks. Credit unions therefore often have a higher cost of assets (i.e. interest expense as a percentage of average assets) than commercial banks, with aggregate U.S. credit union cost of assets being higher than the aggregate U.S. bank cost of assets in eight of the thirteen years between 1995 and 2007. Credit union revenues (from loans and investments) do, however, need to exceed operating expenses and dividends (interest paid on deposits) in order to maintain capital and solvency.

A credit union's policies governing interest rates and other matters are set by a volunteer Board of Directors elected by and from the membership itself.

Cap'n Cat wrote:The survey also showed credit unions with $250 million assets or more tend to pay their CEOs higher in median base salary than CEOs at banks with $250 million in assets or more, according to the survey.

For example, the median base salary for a CEO at credit union with $250 million to $499 million in assets is paid an average of $236,125. For bank CEOs the median base salary is $221,053.

For a CEO at a credit union with $500 million to $999 million in assets the median base salary is $325,000. For a bank CEO the median base salary is $275,206, the survey shows. And for a CEO at a credit union with $1 billion or more in assets, the median base salary is $449,948. For a bank CEO, the median base salary is $383,750.

Nearly 60% of credit union CEOs has been serving in their position for five to 20 years, while nearly 24% of credit union CEOs has been working in their position for more than 20 years.

The survey’s findings were based on the responses from 443 CUES member and non-member credit unions. Corporate credit unions were not surveyed or included in the results.

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Pretty good gig if you can slither into it!!!

D1B wrote:This is the most Z has thought about credit unions in 25 years.

Cap'n Cat wrote:I'm certain Z is a good CEO. Just playin'.

Cap'n Cat wrote:I'm certain Z is a good CEO. Just playin'.

AZGrizFan wrote:

Cap'n Cat wrote:I'm certain Z is a good CEO. Just playin'.

Alas, I am not a CEO anymore...just another worker bee, pluggin' away for "the man".

D1B wrote:

AZGrizFan wrote:
Alas, I am not a CEO anymore...just another worker bee, pluggin' away for "the man".

You should come work for me.

AZGrizFan wrote:

D1B wrote:
You should come work for me.

Whatchu got?

D1B wrote:

AZGrizFan wrote:
Alas, I am not a CEO anymore...just another worker bee, pluggin' away for "the man".

You should come work for me.

Baldy wrote:

D1B wrote:
You should come work for me.

Why? Picking up cans isn't as lucrative as it used to be. The price of aluminum is in the shitter.

Baldy wrote:

D1B wrote:
You should come work for me.

Why? Picking up cans isn't as lucrative as it used to be. The price of aluminum is in the shitter.

Grizalltheway wrote:

Baldy wrote: Why? Picking up cans isn't as lucrative as it used to be. The price of aluminum is in the shitter.

Yup. Stripping copper wiring is where it's at these days.