ICBA distributed to Congress its new "Do They Know They're Tax Exempt?" white paper on credit union mission creep.
Released as part of ICBA's new "Wake Up" campaign
, the white paper finds that credit unions neither primarily serve individuals of modest means nor restrict their activities to the specific communities that they are mandated to serve.
Further, the paper finds that credit unions withhold 21 to 33 cents of every dollar in tax subsidies they receive. In 2018, that amounted to between $500 million and $900 million in taxpayer dollars not directed toward credit union members.
More information on the campaign, including a grassroots alert and customizable resources for community bankers, are available on ICBA's "Wake Up" action center
Learn More About "Wake Up"