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Meeting Goliath - Wisconsin CU, Backed By Industry, Challenges IRS Take on CUs' Core Mission

The $916 million Community First Credit Union has decided to take on the Internal Revenue Service in court over whether it should be required to pay unrelated business income tax on some of its products.

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GREEN BAY, Wis. — The $916 million Community First Credit Union has decided to take on the Internal Revenue Service in court over whether it should be required to pay unrelated business income tax on some of its products.

The credit union and the UBIT Steering Committee–comprised of CUNA, the American Association of Credit Union Leagues, the Wisconsin Credit Union League, NASCUS, and CUNA Mutual–announced the suit to the press on Jan. 15, about an hour after it was filed in U.S. District Court for Eastern Wisconsin.

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