When autocomplete results are available use up and down arrows to review and enter to select.
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.
Oct. 08, 2020
Credit union acquisitions of community banks represent an "obscene" use of taxpayer subsidies and should be reviewed by Congress, ICBA's Paul Merski told Banking Dive. In a new article, Merski said a hearing on the credit union tax exemption is long overdue.
"The proposition that a credit union can grow, tax exempt, and use that tax-exempt benefit to then turn around and displace a taxpaying entity, taking that taxpaying bank out of the market and converting it to a non-tax-generating entity, is kind of a perverse use of the credit unions' tax exemption," Merski said.
ICBA last month asked Congress to request a Government Accountability Office study on the evolution of the credit union industry and National Credit Union Administration supervision. It will continue calling on policymakers and the public to “Wake Up” to the risky practices, costly tax subsidies, and irresponsibly lax oversight of credit unions.
Find your state
Nurses paid:
Cashiers paid:
Teachers paid:
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.