Main Street Matters Blog

Let's Wake Washington Up to the Credit Union Threat

Oct 21, 2019
Rebeca Romero Rainey, CEO

By Aaron Stetter

You know it all too well—the risky practices, costly tax subsidies and lax oversight of the nation’s credit unions.

That’s why ICBA and community bankers are sounding the alarm with today's launch of a nationwide campaign calling on policymakers and the public to open their eyes to the threats posed by these tax-exempt financial firms.

ICBA’s “Wake Up” campaign will feature legislative and regulatory proposals, comprehensive research, grassroots advocacy campaigns, and customizable resources to run the clock out on credit unions’ $2 billion annual tax subsidy.

This new campaign follows the formation of the ICBA Credit Union Task Force to take on the disturbing trend of large credit unions buying up smaller, taxpaying community banks.

It's long past time for Washington to wake up to credit unions’ unfair competition, but we need your help. Please visit the ICBA website to help us sound the alarm on credit unions. This isn’t the time to press snooze!

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Rebeca Romero Rainey is president and CEO of the Independent Community Bankers of America.