ICBA told Congress that credit unions are using their tax exemption to buy community banks, pay undisclosed salaries to top executives, and name sporting venues after themselves.
Drawn from ICBA's "Do They Know They're Tax-Exempt?" research paper, ICBA's message
notes that credit unions with more than $1 billion in assets saw their share of the tax subsidy increase by 260 percent over the past two decades.
The message is part of ICBA's ongoing campaign
urging policymakers and the public to “Wake Up” to the risky practices, costly tax subsidies, and irresponsibly lax oversight of the nation’s credit unions.