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.
It is long past time for policymakers to wake up to the new realities of the credit union industry for the sake of our nation’s consumers and economic well-being. This is not the time to press snooze.
Credit unions do not pay federal income tax, do not pay rent on military bases, have little to no oversight and abuse industries and customers alike.
This letter asks your members of Congress to WAKE UP and address the ridiculous lack of oversight and substantial and unfair competitive advantage taxpayer-subsidized credit unions enjoy.
Because of their tax advantage and relaxed field of membership regulations, credit unions have begun to acquire community banks in order to fuel their growth. This trend should concern taxpayers.
See how credit unions have abandoned their original mandate and how in doing so they've failed the communities they're supposed to serve.
The Congressional Budget Office, Treasury Department and Joint Committee on Taxation all state that credit unions escape paying nearly $2B in taxes every year. As good and responsible stewards of their communities, community banks contributed nearly $15B in tax revenue in 2018.
Congress should examine how the tax code is contributing to acquisitions of taxpaying community banks by tax-exempt credit unions, the National Taxpayers Union wrote in a new op-ed.
NTU Op-ed: On Townhall, NTU Director of Federal Affairs Thomas Aiello said the recent VyStar Credit Union acquisition is the latest indicator that credit unions have strayed from the mission justifying their tax exemption.
ICBA Op-ed: The op-ed follows last week’s American Banker op-ed from ICBA President and CEO Rebeca Romero Rainey urging Congress to hold hearings and request a GAO study on the evolution of the credit union industry.
Grassroots: Community bankers can use ICBA’s Be Heard grassroots center to urge Congress to hold hearings on credit union acquisitions and National Credit Union Administration oversight.
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