ICBA Sends Report on Credit Union Growth to Congress

Aug 07, 2018

ICBA sent to Congress a recent article on Pentagon Federal Credit Union’s plan to triple its asset size from $23 billion to $75 billion by 2025. The Wall Street Journal report notes that PenFed has also hired McKinsey & Co. for advice and that even other credit union executives are warning against the industry’s “anything goes” approach.

The report follows ICBA’s recent four-part series of messages to members of Congress showing how the credit union industry’s evolution has put its tax exemption at risk and why lawmakers should re-examine the outmoded subsidy.