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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 28, 2021
Recently reintroduced Senate legislation to codify community outreach policies for community credit unions is getting a mixed reception from credit union industry groups.
The Bill: The American Housing and Economic Mobility Act would require institutions seeking a community credit union designation to submit business plans to the National Credit Union Administration. It would also retain the credit union industry’s exemption from Community Reinvestment Act oversight.
Industry Response: The Credit Union National Association endorsed the bill—noting previous versions would have applied CRA to credit unions. The National Association of Federally-Insured Credit Unions opposes the bill, citing increased regulatory burdens.
ICBA Position: ICBA supports increased regulatory parity between community banks and credit unions—including applying CRA to the tax-exempt entities.
More: ICBA this week issued a customizable op-ed that community bankers can use to raise awareness of credit union acquisitions of community banks. It follows a similar American Banker op-ed by ICBA President and CEO Rebeca Romero Rainey.
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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.
