Read the latest white paper
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 and subject it to the same
level of scrutiny 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.
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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
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.
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.
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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.