The Independent Community Bankers of America and the nation's community banks are calling on policymakers and the public to “Wake Up” to the risky practices, costly tax subsidies, and irresponsibly lax oversight of the nation’s credit unions.
The “Wake Up” campaign encourages policymakers to open their eyes to the growing threats posed by credit unions' abandonment of their founding mission facilitated by their captive federal regulator, the National Credit Union Administration.
It is long past time for policymakers to wake up to the new realities of the credit union industry and subject it to the same level of scrutiny for the sake of our nation’s consumers and economic well-being. This is not the time to press snooze.
See how credit unions have abandoned their original mandate and how in doing so they've failed the communities they're supposed to serve.
See how their actions affect the USA and your state.
The National Credit Union Administration has requested comment on a proposed framework that would not adequately guard against discriminatory redlining in low- and moderate-income communities. Tell the NCUA to adopt anti-discrimination safeguards used by banking regulators to protect customers and ensure fair competition.
Credit unions do not pay federal income tax, do not pay rent on military bases, have little to no oversight and abuse industries and customers alike.
This letter asks your members of Congress to WAKE UP and address the ridiculous lack of oversight and substantial and unfair competitive advantage taxpayer-subsidized credit unions enjoy.