Washington, D.C. (Oct. 19, 2026) — Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on the newly reported acquisition of a tax-paying Florida community bank by a Michigan credit union. This acquisition is the $8 billion-asset credit union’s fourth transaction within the state of Florida since 2023, reducing access to locally based financial services in affected communities.
“While taxpayers are subsidizing another acquisition of a locally based community bank by a multi-billion-dollar credit union, the data is clear that these deals harm small businesses and reduce lending capacity in local communities. With community banks consistently outperforming credit unions in the very areas experiencing high rates of poverty that credit unions are specifically subsidized to serve, it is past time for policymakers to address the credit union tax and regulatory exemptions that fuel these deals.”
ICBA polling of U.S. adults consistently shows that Americans support reforming credit union policies. According to ICBA’s latest polling:
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63% agree that credit unions should be required to file annual informational reports like other tax-exempt organizations, agreeing by nearly a 5-1 margin.
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59% agree that credit unions should be required to follow stricter regulations to justify their tax exemption, agreeing by more than a 3-1 margin.
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61% agree that credit unions should be restricted from using their tax savings to purchase expensive equipment for use by senior executives, such as private jets.
ICBA’s The Illusionists campaign—which appears on streaming, digital, and print platforms—highlights how large credit unions grow through acquisitions and regulatory advantages while accountability, tax fairness, and consumer choice disappear. The campaign website—creditunionsrevealed.com—features data, videos, frequently asked questions, and research highlighting the policy disparities that allow tax-exempt institutions to expand while competing directly with community banks.
About ICBA
The Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation’s community banks through effective advocacy, education, and innovation.
As local and trusted sources of credit, America’s community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers’ financial goals and dreams. For more information, visit ICBA’s website at icba.org.