Following the latest acquisition of a tax-paying community bank by a tax-exempt credit union, ICBA continued its call for Congress to eliminate the federal tax exemption for credit unions over $1 billion in assets.

With Congress potentially taking up tax legislation when it returns from the current congressional recess, ICBA is calling on community bankers to urge their lawmakers to co-sponsor legislation that would provide tax relief to support rural lending.

House Financial Services Committee Ranking Member Maxine Waters (D-Calif.) and 87 House Democrats asked Treasury Secretary Scott Bessent to exclude the CDFI Fund from a recent executive order directing it to scale back operations.