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Following the latest report of a credit union acquisition of a tax-paying community bank, ICBA continued its call for Congress to investigate the credit union tax exemption.
New Acquisition: American Banker reported that the latest acquisition is larger than any in 2023. Last year, some 20% of announced back deals were credit union purchases, demonstrating their outsized impact on industry consolidation.
ICBA Response: In the American Banker report, ICBA Immediate Past Chairman Brad Bolton said credit union acquisitions consolidate banking services and grow the publicly subsidized sector of the financial services industry. ICBA President and CEO Rebeca Romero Rainey said on X that Congress should hold hearings and the National Credit Union Administration should finalize a long-stalled proposal to provide more transparency when credit unions acquire bank assets.
More on Credit Unions: Amid ongoing credit union acquisitions, ICBA has:
Launched targeted ads and a new website making clear to consumers that “Something’s Wrong” with credit union policy.
Conducted an ad campaign directing congressional offices to questions they should ask credit union executives in Washington for advocacy meetings.
Renewed its call for Congress to act on credit union bank acquisitions.
Grassroots Resources: 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. Additional resources—including state fact sheets, a messaging playbook, and a customizable op-ed—are available on the ICBA website.