Page 15 - Flipbook for non-members

Colorado’s Credit Unions
Breach of Privilege

Large multi-branch, full-service Colorado credit unions
are indistinguishable from commercial banks either by the
products they provide, or by whom they serve. Unlike some
credit unions, which remain committed to the traditional
model of serving a specific class of members (customers),
Despite being statutorily bound to meet the credit and
savings needs of individuals of modest means, Colorado’s
largest credit unions are no longer focusing on employees
of a particular business, industry sector, or income level.
Serving these separate groups, versus the general public,
is why they are tax exempt. But they essentially are
available to anybody in the state. Coloradans are being
shortchanged.

MONEY

LEFT ON THE TABLE

What could income tax of $64 million pay
for during the a budget year? Colorado $64M*
has crumbling infrastructure and funds
are continually needed for education and
healthcare. This tax revenue could go a long
way in funding costly roadway repair. * $64
million is the estimated tax big credit unions
would pay in Colorado if taxed.
MODEST
MEANS?

Colorado’s credit unions are not
focused on low-income borrowers. 92%
92% of credit unions made not a
single mortgage loan to Colorado
low income individuals.

CREDIT UNIONS’ MORTGAGE LOAN BORROWER INCOME
DISTRIBUTION IN COLORADO 41.9%
37.3%
17%
3.3%

% LOW % MODERATE % MIDDLE % UPPER
INCOME INCOME INCOME INCOME