ICBA launched its new “Wake Up” campaign following decades of credit union transformation and acquiescence by the industry's captive federal regulator, ICBA President and CEO Rebeca Romero Rainey wrote in a new op-ed.
In the Medium op-ed
, Romero Rainey wrote that ICBA and community banks have long opposed the credit union industry’s unwarranted federal tax subsidy and the National Credit Union Administration’s attempts to drastically increase the powers of tax-exempt credit unions beyond their statutory limits.
"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," she wrote.
ICBA this week launched the nationwide campaign focusing on the risky practices, costly tax subsidies, and irresponsibly lax oversight of the nation’s credit unions. The campaign features policy proposals, research, grassroots advocacy, and customizable resources for community banks.
Learn More About "Wake Up"