Wake Up and Take Action

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.

Learn how the tax-exempt status of credit unions affects your state with our state-by-reports and gain key messaging guidance through the Wake Up Messaging Playbook.

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Op-ed notes rising credit union acquisitions in the Midwest

Aug. 14, 2020

The recent purchase of West End Bank by 3Rivers Federal Credit Union last month, is part of a disturbing trend of large, billion-dollar credit unions buying small community banks, costing American taxpayers tens of millions in lost revenue annually, writes Thomas Aiello of the National Taxpayers Union in a recent op-ed in the Journal Gazette.

“If Congress does not properly delineate the differences between banks and credits unions, it's only a matter of time before yet another local bank gets taken over by a bank-like credit union,” said Aillo, who noted there have been 42 such acquisitions in the past decade, with more than 60 percent occurring in the past three years.

Given that the credit union tax exemption's revenue impact is estimated to cost $22 billion over the next decade, it begs the question, of why credit unions that have decided to act like banks still enjoy special tax exemptions and advantages, he argues.

ICBA and the nation's community banks continue to call 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.

HOW CREDIT UNION'S TAX-EXEMPT STATUS AFFECTS YOUR STATE

These state-by-state reports show how credit unions have exceeded their original mandate and how that unchecked growth has negatively affected local communities across every state.

See the Report for All of the USA

Find your state

Charts

Credit unions in your state used their tax exemption to avoid paying

 

in federal income taxes.

House

In 2022, credit unions across your state held a grand total of

 

in tax-free assets.

People

In your state credit unions paid $0 in federal income tax. Meanwhile,

Nurses paid:

Cashiers paid:

Teachers paid:

Wake Up Messaging Playbook

Wake Up Messaging Playbook

Find out how community bankers can more effectively advocate for a level tax and regulatory playing field between tax-exempt credit unions and the community banking industry. Access your playbook today. You must be a member to access this content.

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Archived Resources