Following the second report of a historically large credit union acquisition of a tax-paying community bank in as many days, ICBA once again called on Congress to investigate.
Latest Acquisition: American Banker reported that the latest deal includes the largest bank to be bought by a credit union. The news came a day after an announced acquisition larger than any in 2023.
ICBA Response: ICBA President and CEO Rebeca Romero Rainey said in a national news release that Congress should investigate why taxpayers are underwriting industry consolidation. In a separate post on X, Romero Rainey called on consumers to use an ICBA website to urge their members of Congress to hold hearings on the credit union tax exemption.
Grassroots Resources: Community bankers can use ICBA’s Be Heard grassroots action center to call on their members of Congress to hold a hearing on the NCUA’s lax oversight. Additional resources—including state fact sheets, a messaging playbook, and a customizable op-ed—are available on the ICBA website.
