No reason to be tax-exempt
This is compounded by the executive behavior that I have personally seen by credit unions, the worst of which was at the Whatcom Educational Credit Union. Credit unions can shift infinite "net revenue" (they don't dare to call it "profit") over to very high wages and bonuses, extreme benefits, lots of traveling, etc. Back when banks were making a huge profits, the WECU executives and board members were going to multiple credit union meetings per year, in places like Florida and Hawaii. Their CEO even admitted to me that this was "needed," as WECU was having trouble spending all the "net" that it was making. Evidently they couldn't lower fees, or raise the dividend rate to the members.
Looks like a bank, acts like a bank, talks like bank ... tax it like a bank!