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Following this year’s 16th credit union acquisition of a community bank — which ties the record for most in a single year — ICBA continued its call for Congress to investigate credit union policies.
Details: In a national news release, ICBA said the acquisition comes as policymakers and the public are increasingly scrutinizing these deals and the role of antiquated credit union policies.
Recent Action: As advocated by ICBA, the FDIC last week approved a new statement of policy on bank mergers that for the first time explicitly states that additional scrutiny may be needed for deals involving tax-exempt credit unions. In a June comment letter, ICBA called for the FDIC to include credit unions in its merger reviews.
Latest Polling: In its news release, ICBA also cited its recently released polling noting U.S. adults increasingly support a congressional review of credit union policy and equal consumer protections for credit union customers.
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.