With the number of credit union-bank acquisitions passing 100, the time has come for policymakers to examine the credit union tax exemption, ICBA Chairman Robert Fisher writes in a new op-ed.
Op-ed: In the Business Observer, the president and CEO of Tioga State Bank in Spencer, N.Y., notes that these acquisitions decrease consumer access to local financial services while diminishing tax revenues that could be used to help bolster services in local communities.
Hearing: ICBA is urging the House Financial Services Committee to use an upcoming subcommittee hearing on the future of banking to examine the role of credit unions on banking industry consolidation.
Letter: In a letter to the committee this week, ICBA said credit union acquisitions of taxpaying community banks are a product of the tax exemption and lax National Credit Union Administration 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.