Op-ed targets credit union acquisitions ahead of committee votes

Congress should join the growing number of states fighting back against credit union acquisitions of community banks, ICBA President and CEO Rebeca Romero Rainey says in a new op-ed.

Call to Action: In the Medium op-ed, Romero Rainey cites pushback by several states and calls on Congress to hold hearings, request a Government Accountability Office study, and consider an “exit fee” on these acquisitions.

Grassroots Campaign: Romero Rainey also cites ICBA’s calls for community bankers to urge their lawmakers to oppose legislation to expand credit union fields of membership and commercial lending powers. With the House Rules Committee planning to advance H.R. 7003 next week, community bankers can use ICBA’s Be Heard grassroots action center to express opposition.

New ICBA Letter: Ahead of Monday’s Rules Committee meeting, ICBA reiterated its opposition to H.R. 7003 in a letter to the panel. ICBA said the credit union bill is a “poison pill” that would expand the fields of membership and commercial lending powers of tax-exempt credit unions without ensuring they serve low-income individuals.

House Markup: Meanwhile, ICBA is urging community bankers with representatives on the House Financial Services Committee to speak out on several bills the panel is set to consider on Tuesday. ICBA offers a customizable action alert to help these community bankers express support for a bill to close the industrial loan company loophole and opposition to harmful overdraft, payments, and small-business restrictions.