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Illinois Bankers Association Releases In-Depth Study of Large Illinois Credit Unions
Oct 17 - The Illinois Bankers Association recently commissioned a comprehensive study of Illinois’ largest credit unions and the impact it would have on Illinois tax revenue if those institutions paid income taxes. The report, conducted by Marvin Umholtz, president and CEO of Umholtz Strategic Planning & Consulting Services, Olympia, Wash., provides a data-driven overview of the Illinois credit union industry.
The study reveals that, had the 11 largest federally insured credit unions in Illinois paid state and federal income taxes in 2012, $54 million would have been added to state coffers. That means that every family, every wage earner and every small business owner in Illinois pays more in taxes in order to subsidize the credit union industry.
Among the other findings:
- Most credit unions in Illinois were originally organized to serve one employee group or single rural community that shared a common bond, but there remain few single-group bonds among today’s credit unions. In fact, of the 11 largest credit unions in Illinois, only State Farm Federal Credit Union, Motorola Employees Credit Union and Deere Employees Credit Union have stayed true to their traditional membership bonds.
- If all 331 federally insured Illinois credit unions had paid income taxes last year, that obligation would total nearly $70 million. Illinois banks, on the other hand, paid more than $978 million in applicable federal, state and local, and foreign income taxes in 2012.
- Eleven of the 331 federally insured credit unions in Illinois have more than $500 million in assets. Each one of these 11 is larger than 84 percent of all Illinois banks and savings institutions.
- In 2012, Illinois’ credit union industry reported a profit of nearly $199.8 million – with more than $154 million concentrated in the 11 largest institutions.
The Executive Summary of the report may be found at https://www.ilbanker.com/Documents/CU_Study_Executive_Summary.pdf. For a complete report, contact the Illinois Bankers Association at 217-789-9340.