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
compared to what they would have paid for
similar services at a bank.
76%
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 Unions Provide Needed Competition
BANKS DOMINATE IOWA MARKET WITH RECORD PROFITS
IOWA BANKS CONTROL:
84%
DEPOSITS
92%
BUSINESS
LOANS*
99%
AG LOANS
*National banks not included
IOWA BANK PROFITS LAST TEN YEARS
$1.2 BILLION
$414 MILLION
2010
2019
IOWA BANKS PAID $589 MILLION IN CASH DIVIDENDS TO THEIR STOCKHOLDERS IN 2019
LARGE BANKS TAKING OVER IOWA
IOWA MID-YEAR 2020 MARKET SHARE OF DEPOSITS
5,334
CREDIT UNIONS
WELLS FARGO IS BIGGER THAN ALL U.S. CREDIT UNIONS COMBINED
