Taxpayer group urges credit union reforms

Congress should examine how the tax code is contributing to acquisitions of taxpaying community banks by tax-exempt credit unions, the National Taxpayers Union wrote in a new op-ed.

NTU Op-ed: On Townhall, NTU Director of Federal Affairs Thomas Aiello said the recent VyStar Credit Union acquisition is the latest indicator that credit unions have strayed from the mission justifying their tax exemption.

ICBA Op-ed: The op-ed follows last week’s American Banker op-ed from ICBA President and CEO Rebeca Romero Rainey urging Congress to hold hearings and request a GAO study on the evolution of the credit union industry.

Grassroots: Community bankers can use ICBA’s Be Heard grassroots center to urge Congress to hold hearings on credit union acquisitions and National Credit Union Administration oversight.