Following the latest credit union acquisition of a community bank, ICBA pointed to its recently released polling data showing Americans support reforms to policies that arbitrarily favor credit unions.
ICBA Response: In a post on X, ICBA said acquisitions of tax-paying community banks by tax-exempt and Community Reinvestment Act-exempt credit unions harm consumers. ICBA also linked to its recent polling, which found:
68% of adults say credit union customers should have the same consumer protections that banks provide, such as those provided by the CRA.
73% say credit union customers should have the same levels of protection against illegal discrimination as bank customers.
54% say Congress should investigate whether the credit union tax exemption is still warranted.
More Tax Pressure: The latest acquisition coincided with the publication of an op-ed in The Hill from the nonpartisan Tax Foundation calling on policymakers to end credit unions’ tax-exempt status and putting them on the same footing as the banks they compete with. Last week, a blog post from the National Taxpayers Union said acquisitions of community banks require Congress to closely examine the tax status of large credit unions.
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. ICBA also encourages consumers to reach out to their members of Congress via ICBA’s “Something’s Wrong” website.
