With the latest interstate acquisition of a tax-paying community bank by tax-exempt credit unions extending into Montana, ICBA said it is time for the increasing criticism of credit union tax and regulatory exemptions to finally result in policymaker action.
Details: In a national news release, ICBA said:
Credit unions continue to stray far beyond their congressional mandate of serving people of modest means with a defined field of membership.
Recent ICBA polling conducted by Morning Consult found that 62% of adults say credit unions that operate like banks should have to pay taxes like banks.
Latest Media Coverage:
CUToday reported that more credit unions are considering converting to mutual banks as the result of the increased threat to their tax status.
CU Daily wrote that some in the credit union industry are concerned about the policy impact of a proposed merger of two $9 billion credit unions.
Banking Dive spotlighted ICBA’s calls for policymakers to end the tax exemption for credit unions over $1 billion in assets.
ICBA Advocacy: ICBA’s “Repair, Reform, and Thrive” plan and open letter to the 119th Congress urge lawmakers to use the current debate over tax reform to address credit unions’ tax and regulatory advantages. Further, a policy resolution that ICBA introduced earlier this year formally calls on policymakers to end the federal tax exemption for credit unions with $1 billion or more in assets or to establish tax parity between credit unions and tax-paying community banks.
