Romero Rainey: End the Credit Union Free Ride

Sep 18, 2018
Credit unions are feeling pressure from policymakers who are finally beginning to question whether their tax exemption is still justified, ICBA President and CEO Rebeca Romero Rainey wrote in a new op-ed.

In American Banker, Romero Rainey noted that the cost of the tax exemption is on the rise and projected to cost more than $10 billion through 2021.

“This annual subsidy comes in handy in a competitive financial services marketplace, particularly as the National Credit Union Administration continues finding new ways to increase the powers of the industry it is charged with regulating,” Romero Rainey wrote.

Read the Op-Ed