Following several credit union acquisitions of community banks this week, ICBA repeated its call for Congress to investigate these taxpayer-subsidized deals.
Messages to Congress: In messages to congressional offices following acquisition announcements affecting Florida, Georgia, and Illinois community banks, ICBA shared its fact sheet on the consumer impact of these acquisitions and urged lawmakers to:
Hold hearings on the acquisition trend.
Request a Government Accountability Office study on the evolution of the credit union industry and National Credit Union Administration supervision.
ICBA Advocacy: ICBA has repeatedly called on Congress to investigate the acquisition trend. In an American Banker op-ed earlier this year, ICBA Chairman Derek Williams said these deals are fueled by bad federal policies that have expanded credit unions' authority over the decades and urged Congress to act.
Grassroots Alert: Community bankers can use ICBA’s Be Heard grassroots action center to call on their members of Congress to hold a hearing on the NCUA’s lax oversight of the nation’s credit unions.
More: Additional information and resources on credit unions—including fact sheets detailing the state-by-state impact of their tax exemption, a messaging playbook and ICBA white papers, and a customizable op-ed and talking points—are available on the ICBA website.