Credit Unions Are Different From Banks
Credit Unions Pay Taxes
Credit unions are taxed differently because they are structured differently.
Credit unions pay millions in taxes each year, including a state monies and credits tax on legal reserves that banks do not pay.
​
Credit Unions Benefit Iowans
As financial cooperatives, credit unions return excess earnings to members in the form of better rates and fewer fees. Iowa credit unions save members more than
$150 MILLION ANNUALLY
compared to what they would have paid for
similar services at a bank.
78%
of total mortgage applications from low/moderate income borrowers are APPROVED
2X
Iowa banks nearly twice as likely to deny a mortgage to a low-income applicant
34%
of consumer loans at credit unions are less than $5,000
64%
of credit union business loans are less than $100,000
Credit Unions Work For You
Credit Union Stories
Credit Union Stories
Mary Kay's Story
Angelica's Story
Eva's Story
Katie's Story
Credit Unions Provide Needed Competition
BANKS DOMINATE IOWA MARKET WITH RECORD PROFITS
IOWA BANKS CONTROL:
82%
88%
99%
DEPOSITS
BUSINESS LOANS*
AG LOANS
*2024 date national banks not included
IOWA BANKS RECORD PROFITS
​In 2023, Iowa bank owners received $535 MILLION in dividends.
Iowa has more bank charters per capita than any other state in the nation.
$1.2 BILLION IN NET INCOME
LARGE BANKS TAKING OVER IOWA
​IOWA BANKS ARE MITIGATING THEIR TAX LIABILITY
4,571
U.S. CREDIT UNIONS
COMBINED
BANK OF AMERICA HAS MORE ASSETS THAN ALL U.S. CREDIT UNIONS COMBINED
IN 2023, IOWA BANKS RECIEVED A
30%
STATE INCOME TAX CUT
$61
MILLION
AVOIDED IN FEDERAL CORPORATE INCOME TAX 140 IOWA SUBCHAPTER S BANKS