Policymakers in Congress and at the regulatory agencies are right to raise concerns over tax-exempt credit union acquisitions of tax-paying community banks, ICBA President and CEO Rebeca Romero Rainey wrote in a new op-ed.
In a post on Medium, Romero Rainey wrote that credit unions are exploiting their tax exemption, unlevel playing field, and lax oversight to stray from their own mission in the name of unbridled growth.
"Unfortunately for the people of modest means that credit unions were established by Congress to serve, no one appears to be benefitting more from the tax exemption than credit unions themselves," Romero Rainey wrote.
ICBA will continue raising the profile of credit union-community bank acquisitions and other inequities through its “Wake Up” campaign, Credit Union Task Force, and ongoing advocacy efforts.
Read the op-ed