Credit Union Action Kit

WBA created a Credit Union Action Kit for those members who want to address the credit union issue in their own community. Sample letters to the editor, credit union fact sheets, and the Wisconsin Credit Unions: The Real Story video are available for your use.

Tax-paying Wisconsin banks compete head to head with tax-exempt credit unions. Although they portray themselves as mom and pop shops for people of modest means, today credit unions are a $1 trillion industry, with many indistinguishable from banks. The BIG difference—they don’t pay federal income taxes, depriving the U.S. Treasury of nearly $2 billion every year.

The Wisconsin Credit Union Story

Background

  • Percent of credit union mortgages originated to low-income individuals, based on state HMDA loan data: 9%
  • Percent of credit union mortgages originated to upper-income individuals, based on state HMDA loan data: 40%
  • 50 HMDA-reporting credit unions serving WI did not make a single loan to a low-income individual
  • 18 HMDA-reporting credit unions serving WI only originated mortgages to upper-income individuals
  • Number of billion-dollar Credit Unions headquartered in WI: 12
  • Number of billion-dollar Credit Unions with branches in WI: 15

Credit Unions Versus Banks

  • Credit union deposit growth: 9.01% from 2006-2016 vs. Bank deposit growth: 3.32% from 2006-2016
  • Landmark Credit Union, with $3.2 billion in assets, is larger than all but two Wisconsin-headquartered banks.

Keith Leggett's Credit Union Watch Blog

  • "Advia Credit Union To Acquire Wisconsin Bank," 2/18/16
  • "Community First CU's MBL Exception," 4/7/14
  • "Westby Co-op to Buy Loans And Deposits at Bank Branch," 9/19/13
  • "Credit Unions Used Federal Reserve's Emergency Loan Facilities," 12/3/10
  • "Wisconsin Governor Announces Major Expansion In UW CU's FOM," 9/27/16

Taxes Paid (2016)

  • Banks: $355.9 million
  • Credit Unions: $0

Abuses

  • Connexus Credit Union allows anyone to join with a $5 donation to the Connexus Association.
    • "None of the above apply. I understand that I can join by making $5 donation, that will be used for charitable purposes, to the Connexus Association." (Membership page, 11/20/17)