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Credit unions waste taxpayer millions on lobbying, self indulgence

Industry Insights: Credit unions waste taxpayer millions on lobbying, self indulgence

Credit unions often attempt to justify their federal tax exemption, which costs Americans more than $3 billion annually, by saying those dollars get passed on to their members. However, the Center for Public Integrity notes that since 2008 credit unions have spent more than $600 million on trade groups, lobbyists, political donations, naming rights for sports arenas and other efforts to promote what they call “the credit union movement.”