Credit Unions Provide Financial Choice

IOWANS WIN

-with-

CHOICE

&

COMPETITION

Bankers are lobbying to increase taxes on 1.3 million Iowans and take away their financial choice. 

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 

$123 MILLION ANNUALLY

compared to what they would have paid for

similar services at a bank. 

 

74%

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 

40%

of consumer loans at credit unions made to people with below average credit scores

64%

of credit union business loans are less than $100,000

Credit Unions Work For You

Credit Unions Provide Needed Competition

BANKS DOMINATE IOWA MARKET WITH RECORD PROFITS

IOWA BANKS CONTROL:

  84% 

DEPOSITS

  96% 

BUSINESS

LOANS*

  99% 

AG LOANS

*National banks not included

IOWA BANK PROFITS LAST NINE YEARS

$1.1 BILLION

$414 MILLION

2010

2018

IOWA BANKS PAID $589 MILLION IN CASH DIVIDENDS TO THEIR STOCKHOLDERS IN 2018

LARGE BANKS TAKING OVER IOWA

IOWA MID-YEAR 2019 MARKET SHARE OF DEPOSITS

5,421

CREDIT UNIONS

WELLS FARGO IS BIGGER THAN ALL U.S. CREDIT UNIONS COMBINED

ProtectFinancialChoice.com is a project of the Iowa Credit Union League.

Sources: CUNA Informa Research Services, FDIC, FFIEC, Iowa Department of Revenue, NCUA, Iowa Credit Union League Loan Survey, June 2019