A new rule that allows private institutional investors to exploit credit union tax subsidies is yet another reason for Congress to investigate credit union policies, ICBA President and CEO Rebeca Romero Rainey writes in a new op-ed.
Op-ed: On LinkedIn, Romero Rainey says a National Credit Union Administration rule relaxing subordinated debt requirements is yet another example of the agency expanding credit union powers well beyond the limits justifying the industry’s tax exemption.
Call to Action: Romero Rainey calls on Congress to hold hearings on credit union policies, request a Government Accountability Office study on the evolution of the credit union industry and NCUA supervision, and consider an “exit fee” on credit union-community bank acquisitions.
Grassroots: Community bankers can call on Congress to hold a credit union hearing using ICBA’s Be Heard grassroots action center.