ICBA today is launching a print and digital advertising campaign in key states calling on Congress to investigate the credit union tax exemption and its impact on acquisitions of community banks.
Ads: The print ad—which directs readers to icba.org/cuhearings for information on how local communities are affected—is scheduled to run today, later this week, and next week in editions of USA Today in Florida, Georgia, Illinois, Indiana, Michigan, and Wisconsin.
Digital: The campaign will also feature online digital ads in the coming weeks urging policymakers to act on the tax exemption and growing acquisition trend.
Hearing: ICBA launched the campaign as it works to focus an upcoming House Financial Services subcommittee hearing about the future of banking on credit union-bank acquisitions.
Advocacy: A recent letter to the committee and a separate LinkedIn article from ICBA Chairman Robert Fisher note that these acquisitions decrease consumer access to local financial services, diminish tax revenues, and are due to the industry’s tax exemption and lax regulatory oversight.
Grassroots: Community bankers can continue urging Congress to hold hearings on credit union acquisitions via a customizable message to lawmakers on ICBA’s Wake Up page and its Wake Up Messaging Playbook.