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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 community bankers in Washington this week for in-person meetings with federal policymakers as part of the 2024 ICBA Capital Summit, now is the time for Congress to act on this dangerous and harmful trend,” ICBA President and CEO Rebeca Romero Rainey said, noting that credit unions account for nearly a quarter of this year’s bank acquisitions.
Recent Polling: Romero Rainey said recent ICBA polling shows public support for reforming credit union policies, with 68% of adults saying credit union customers should have the same consumer protections that banks provide. “So lawmakers have constituents on their side,” she said.
State Success: Noting that states such as Tennessee, Colorado, Minnesota, Mississippi, and Nebraska have restricted these deals, Romero Rainey 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.