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ICBA continued its calls for Congress to investigate credit union acquisitions of tax-paying community banks following another new acquisition.
ICBA Response: In a post on X, ICBA noted that 20% of bank acquisitions are now by tax-subsidized credit unions. ICBA President and CEO Rebeca Romero Rainey separately encouraged taxpayers to urge Congress to hold hearings on credit union regulation via ICBA’s “Something’s Wrong” website.
Navy Federal Hearing Push: Attention to credit union policy continued to grow this week with a joint letter from House Financial Services Committee Democrats urging Chairman Patrick McHenry (R-N.C.) to hold a hearing on reports of discriminatory lending at Navy Federal Credit Union. ICBA last month urged congressional committees to convene a broader hearing on credit union lending practices and oversight following the Navy Federal report.
Third-Party Oversight: Also this week, National Credit Union Administration Chairman Todd Harper said his agency’s lack of oversight of credit union service organizations and other third-party providers is an “Achilles’ heel” for the credit union system. As ICBA has testified before Congress, it supports allowing the NCUA to directly examine and regulate CUSOs, core providers, and other third-party providers.
Grassroots Resources: Community bankers can use ICBA’s Be Heard grassroots action center to call on their members of Congress to hold a hearing on the NCUA’s lax oversight. Additional resources on credit union policy are available on the ICBA website.
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