Take on the Credit Union Spin Machine
Sign ICBA’s Petition and Contact Congress Today
Dear community banker,
The credit union industry is primed for a full-scale campaign to expand its business-lending authority. Industry representatives will be on Capitol Hill by the thousands to lobby for enhanced lending powers at the expense of community banks. And the credit unions aren’t going to Washington to play nice.
This initiative for tax-exempt institutions has direct implications on the nation’s community banks. The credit unions want to get their hands on community banks’ small-business customers without losing their tax-exempt status. This initiative requires strenuous advocacy outreach by our industry.
To combat this dishonest and self-serving message, community bankers and their allies need to make their voices heard. ICBA is asking the nation’s community bankers to enlist every available voice to sign on to a petition urging opposition to the Small Business Lending and Enhancement Act of 2011 (H.R. 1418/S. 509). This includes every community bank employee, ranging from the CEO/President to the bank teller. It includes your bank’s board of directors, your commercial lending customers and their employees, and even family members. All hands must be on deck. We also urge the nation’s community bankers to continue calling and writing their members of Congress to oppose this legislation.
The current business-lending cap of 12.25 percent of assets was set in law by Congress to maintain a distinction between tax-exempt credit unions and taxpaying community banks. We urge Congress not to expand the credit union industry’s entry into prohibited commercial lending unless credit unions are required to pay taxes and comply with the Community Reinvestment Act just like community banks.
Members of Congress are hearing from thousands of credit unions and their members. That is why lawmakers must hear from community banks to counter the credit unions' grassroots numbers and claims.
Please join us in opposing this unwise and unjust legislation by signing the petition and reaching out to your member of Congress today.
Sign the Petition Now! Contact Congress Today!