ICBA highlighted the positive role of community banks in local communities in contrast to large credit unions in a new article in Barron’s on what it means to be a community bank.
Defining Community Banking: In the article, ICBA President and CEO Rebeca Romero Rainey said community banks are distinguished by their commitment to relationship-based lending and local decision-making. “That’s what defines community banking—a focus on accountability, local engagement, and meeting the needs of customers,” she said.
ICBA Illusionists Campaign: The article also covers ICBA’s The Illusionists national advocacy and marketing campaign, which focuses on the harmful impact of the credit union tax exemption. Appearing on streaming, digital, and print platforms, the campaign spotlights how large credit unions grow through acquisitions and regulatory advantages while accountability, tax fairness, and consumer choice disappear.
Resources for Community Bankers:
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ICBA’s The Illusionists website features a video, frequently asked questions, and additional information on how community banks outperform credit unions in meeting the needs of local communities and the policy disparities that demand reform.
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Community bankers can submit a “Get the Facts” form on the website to receive an “Illusionists” playbook that offers a framework for elevating the issue at the local level.
Public Support: Recently released ICBA polling shows that Americans support reforming credit union policies. According to the poll, 58% of U.S. adults say Congress should investigate whether credit union tax and regulatory exemptions are still warranted.