A new article says credit unions are indeed announcing more and more bank acquisitions, sometimes thousands of miles away.
Details: In the article in American Banker (subscription required), ICBA Senior Vice President and Regulatory Counsel Michael Emancipator questions whether bank acquisitions help credit union members. The article also notes:
Ten years ago, credit unions acquired only a handful of small banks annually, but they're now buying institutions worth hundreds of millions of dollars.
Credit unions announced 22 bank purchases in 2024, more than in any previous year, and have announced eight more deals this year.
ICBA Advocacy and Growing Scrutiny:
ICBA has repeatedly called for policymakers to end the tax exemption for credit unions over $1 billion in assets as these institutions continue to use their tax-exempt status to acquire tax-paying community banks.
A May Bloomberg article captured lawmaker concerns about the credit union tax exemption.
Recent ICBA polling conducted by Morning Consult shows 62% of U.S. adults say credit unions that operate like banks should have to pay taxes like banks.