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.
|Joint Letter Urging Garnishment Exemption||House, Senate leaders||03/08/21|
|Joint Trades Letter to Small Business Committees on PPP Extension||Committees on Small Business||03/05/21|
|ICBA Letter to Request Senate Banking Hearing on NCUA||Committee on Banking, Housing||03/04/21|
|Letter to Senate Ag Committee on B&I Programs||Senate Agriculture Committee||02/26/21|
|Joint Letter on Main Street Tax Certainty Act||Senate Finance, House Ways and Means Committees||02/26/21|
|FHFA Liquidity Requirements Letter||FHFA||03/09/21|
|Letter to Agency Innovation Offices||CFPB, FDIC, Fed, OCC||03/08/21|
|Response to First Blockchain Bank & Trust, N.A.'s Application for National Bank Charter||OCC||03/02/21|
|ICBA Letter on Appraisals||FHFA||02/26/21|
|Crop Insurance Coalition Budget Letter: Administration||USDA, OMB||02/24/21|