🏦 Credit unions have long been praised for their member-centric approach and commitment to community, but one aspect of their operations that often sparks debate is their tax status.

Unlike traditional banks, credit unions are not-for-profit organizations, and this unique structure has significant implications when it comes to taxes.

At the heart of the matter is the idea that credit unions, as cooperative financial institutions, are exempt from federal and state income taxes.

This tax-exempt status is a key differentiator between credit unions and their for-profit banking counterparts, and it allows credit unions to channel their resources directly back into serving their members and communities. - https://lendinghelpguide.com/blog/do-credit-unions-pay-taxes/?unique_id_s1s59cb3

"The Tax Implications of Credit Unions: Uncovering the Facts"