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After the announcement of the 15th credit union acquisition of a community bank this year, ICBA said the acquisition trend shows credit unions have expanded beyond the limits established by Congress to justify their federal tax exemption.
Details: In a national news release, ICBA President and CEO Rebeca Romero Rainey renewed ICBA’s calls for Congress to hold hearings and to consider an “exit fee” on credit union acquisitions of tax-paying banks to capture lost tax revenue resulting from these deals.
Media: Romero Rainey noted that the news media and the public are taking notice, with recent CNBC, Axios, and CNN coverage raising questions about credit union practices, while ICBA polling conducted by Morning Consult shows Americans support a congressional review of credit union policy.
Grassroots Resources: Community bankers can use ICBA’s Be Heard grassroots action center to call on members of Congress to hold a hearing on credit union policy. Additional resources are available on the ICBA website.