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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.
April 02, 2021
Following the announcement of the largest-ever credit union purchase of a community bank, ICBA renewed its call for policymakers to investigate credit union acquisitions of community banks.
New Acquisition: VyStar Credit Union in Jacksonville, Fla., this week said it is crossing state lines to purchase a $1.6 billion community bank in Jonesboro, Ga.
ICBA Advocacy: In a national news release, ICBA continued its call for Congress to hold hearings on this trend and request a GAO study on the evolution of the credit union industry and National Credit Union Administration supervision.
More: “The current rash of taxpayer-funded credit union acquisitions exacerbates industry consolidation, shrinks state and local tax revenues, limits the reach of the Community Reinvestment Act, and again shows that tax-exempt credit unions have become virtually indistinguishable from taxpaying commercial banks,” ICBA President and CEO Rebeca Romero Rainey said.Find your state
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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.
