MILWAUKEE — The Wisconsin Bankers Association has taken a swipe at the $916 million Community First credit union for its decision to file a lawsuit against the IRS over its unrelated business income taxes (UBIT).
In a piece which appeared in the Small Business Times, a business journal published in Milwaukee, Kurt Bauer, CEO of the Association, charges that the CU's lawsuit represents an attempt by an almost billion dollar institution to escape paying even a little tax.
"The Appleton-based financial institution with nearly $1 billion in total assets is suing the IRS for $54,604 in unrelated business income taxes it was forced to pay in 2006," Bauer wrote. "That same year, Community First posted profits of $8.4 million and spent a whopping $550,253 on travel and conferences for its executives and board of directors."
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But the Wisconsin Credit Union League came to the defense of Community First. Responding to a press release from the bankers which made similar points, Brett Thompson, league CEO, pointed out that the Wisconsin credit unions pay taxes.
"Wisconsin credit unions pay millions in taxes annually," he said. "The lawsuit is not about money, but serving members."
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