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.
|ICBA Letter To Request Senate Finance Hearing On Credit Union Tax Exemption||Committee on Finance||03/23/21|
|ICBA Letter in Support of House Safe Banking Act||U.S. House of Representatives||03/18/21|
|Letter Supporting Senate PPP Extension Act||Senate co-sponsors||03/16/21|
|Letter in Support of PPP Extension Act||House of Representatives||03/12/21|
|Joint Banking Trades and Consumer Group Letter Urging Garnishment Exemption||117th Congress||03/09/21|
|ICBA Comment on NCUA CUSO NPRM||NCUA||03/25/21|
|Joint Letter Opposing Proposal on Bank Premises||OCC||03/23/21|
|Comments on OMB MSA Proposal||OMB||03/18/21|
|Letter on FHA Condo Recommendations||HUD||03/11/21|
|Joint Banking Trades and Consumer Group Urging Garnishment Exemption||U.S. Treasury||03/10/21|