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.

It is long past time for policymakers to wake up to the new realities of the credit union industry for the sake of our nation’s consumers and economic well-being. This is not the time to press snooze.

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Urge Congress to Wake Up

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.

Credit Unions and
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Credit Union Merger White Paper

Because of their tax advantage and relaxed field of membership regulations, credit unions have begun to acquire community banks in order to fuel their growth. This trend should concern taxpayers.

Read the report

Credit Union Merger White Paper

Credit Unions Across America

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. 

Credit Unions and Taxes

The Congressional Budget Office, Treasury Department and Joint Committee on Taxation all state that credit unions escape paying nearly $2B in taxes every year. As good and responsible stewards of their communities, community banks contributed nearly $15B in tax revenue in 2018.

Find out more

White Paper-Credit Unions Avoid Billions in Taxes Every Year

Make Your Voice Heard

The National Credit Union Administration is proposing to create a new rule that would prescribe the procedures for federally-insured credit union (“FICU”) acquisitions of banks and would create new, explicit requirements on all assets acquired from a bank. NCUA is accepting comments until March 30, 2020. To comment, visit www.regulations.gov and follow the instructions for submission.

Read ICBA’s Summary of the Proposal

Articles & Press Releases

ICBA Statement on Credit Union Debt Rule

ICBA Press Release Banner 2020

Washington, D.C. (Dec. 17, 2020) — Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on today’s National Credit Union Administration board meeting.

"ICBA and the nation's community banks strongly oppose today’s National Credit Union Administration approval of a final rule that will allow the largest and most complex tax-exempt credit unions to issue subordinated debt to institutional investors. This rule is yet another example of the NCUA pushing the envelope and expanding credit union powers well beyond limits justifying the industry’s tax exemption.

“The NCUA’s rule would undermine credit unions’ mutual ownership structure, allow outside investors to exploit the credit union tax subsidy, and fuel runaway growth of an industry that has abandoned its founding mission to serve people of modest means.

“Through its ‘Wake Up’ campaign and Credit Union Task Force, ICBA will continue calling on policymakers and the public to open their eyes to the risky practices, costly tax subsidies, and irresponsibly lax oversight of the nation’s credit unions.”

About ICBA

The Independent Community Bankers of America creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.

With nearly 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ more than 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5 trillion in assets, over $4.4 trillion in deposits, and more than $3.4 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.

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Letters to Congress

Senate Agriculture Committee February 26, 2021
Senate Finance, House Ways and Means Committees February 26, 2021
House Rules Committee February 25, 2021
House, Senate Budget Committees February 24, 2021
House, Senate Appropriations Committees February 24, 2021