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Oregon Newspaper Tackles CU Tax Exemption

Posted on 4/1/2015

An investigative story in yesterday's issue of Willamette Week, a newspaper in Portland, Oregon, critically examined whether Oregon's credit unions are serving individuals of modest means. The story cited a report from the Oregon Bankers Association showing that only 1 percent of Oregon credit unions' mortgage loans went to low-income borrowers in 2013.

"Credit unions are no longer spartan storefronts serving low-income workers and middle-class families," the story said. "In fact, they look a lot like banks. But they don't pay income taxes."

To view the story visit: http://www.wweek.com/portland/article-24334-bank_shot.html

To view the OBA report visit: http://www.oregoncreditunionfacts.com/wp-content/uploads/Umholtz_Public_Benefit%20Report_FINAL.pdf



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