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.
|ICBA Letter in Support of PPP Reforms||Sen. Marco Rubio||August 6, 2020|
|Credit Reporting Joint Trade Letter 8-3-2020||Sens. Mike Crapo and Sherrod Brown||August 4, 2020|
|Main Street Loan Forgiveness||116th Congress||August 4, 2020|
|HR 7777 Coalition Support Letter||U.S. House of Representatives||July 31, 2020|
|Joint Trades Letter Opposing Pascrell Kaptur Amendment to FSGG Approps||U.S. House of Representatives||July 30, 2020|
|ICBA Agency Letter on PPP Asset Thresholds||Treasury, FDIC, Fed, OCC, CFPB||September 11, 2020|
|ICBA FedNow Comment Letter||Fed||September 10, 2020|
|QM Definition Letter Final ICBA||CFPB||September 8, 2020|
|Letter on 'True Lender' Proposal||OCC||August 31, 2020|
|ICBA Letter on Proposed GSE Capital Plan||FHFA||August 31, 2020|