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The Independent Community Bankers of America and the nation's community banks are calling on policymakers and the public to “Wake Up” to the risky practices, costly tax subsidies, and irresponsibly lax oversight of the nation’s credit unions.
Learn how the tax-exempt status of credit unions affects your state with our state-by-reports and gain key messaging guidance through the Wake Up Messaging Playbook.
May 13, 2020
In testimony for a Senate Banking Committee remote hearing, Hood noted that the change, which will benefit the largest credit unions, will free these tax-exempt entities from restrictions on member business lending, raising supplemental capital, and accepting deposits from non-members.
Ahead of the hearing and a separate House roundtable today, ICBA called on the committees to convene hearings on the change, which is being enacted without a formal rulemaking process. ICBA said the move sidesteps Congress and benefits the largest credit unions.
The NCUA last week said it will begin counting active-duty military personnel with Army or Fleet Post Office addresses as “low-income” individuals, which will benefit institutions like Navy Federal and Pentagon Federal.
ICBA will continue encouraging Congress to investigate the NCUA designation and to re-examine the credit union industry’s tax and regulatory subsidies.
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Find out how community bankers can more effectively advocate for a level tax and regulatory playing field between tax-exempt credit unions and the community banking industry. Access your playbook today. You must be a member to access this content.
