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.
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.
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.
See how credit unions have abandoned their original mandate and how in doing so they've failed the communities they're supposed to serve.
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.
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.
| CBM Joint Trades Letter Sept Sens. Perdue and Blumenthal: | Sens. Perdue and Blumenthal | September 8, 2020 |
| Letter on PPP Asset Thresholds -- Senate | Senate Banking Committee | August 31, 2020 |
| Letter on PPP Asset Thresholds -- House | House Financial Services Committee | August 31, 2020 |
| ICBA MDI CDFI Letter to Senate Banking | 116th Congress | August 18, 2020 |
| ICBA MDI CDFI Letter to HFSC | U.S. House of Representatives | August 17, 2020 |
| SEC Comment Letter on Schedule 13F | SEC | September 28, 2020 |
| ICBA Response to FDIC Request for Information | FDIC | September 22, 2020 |
| Comment Letter on CFPB Escrow Proposed Rule | CFPB | September 21, 2020 |
| Letter to Agencies on Accounting for PPP Loans | FDIC, Fed, OCC | September 18, 2020 |
| ICBA Letter to SBA on PPP Payment Terms | SBA | September 15, 2020 |
