Following the latest acquisition of a community bank by a tax-exempt credit union, ICBA issued a national news release calling on Congress to respond.
ICBA Statement: “With tax-exempt credit unions accounting for roughly a quarter of this year’s bank acquisitions — each of which expands the federal tax exemption for more than $2 trillion in credit union assets and displaces a trusted provider of credit in local communities — Congress must act on this dangerous trend,” ICBA President and CEO Rebeca Romero Rainey said.
Momentum for Action: Romero Rainey said recent ICBA polling shows public support for reforming credit union policies. Noting that states such as Tennessee, Colorado, Minnesota, Mississippi, and Nebraska have restricted these deals, she also said this trend is nevertheless a matter of federal policy and national economic importance and requires congressional action.
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 credit union policy. Additional resources on credit union policy are available on the ICBA website.
