A new op-ed from ICBA President and CEO Rebeca Romero Rainey breaks down ICBA’s data analysis showing that when credit unions purchase community banks, consumers and local communities are harmed.
Details: In Open Banker, Romero Rainey writes:
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ICBA’s analysis shows that tax-exempt credit union purchases of tax-paying community banks results in diminished lending, reduced opportunities for small businesses, and fewer resources for the high-poverty areas that Congress subsidizes credit unions to serve.
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To expand the tax base and encourage a competitive financial services marketplace, lawmakers should treat credit unions with over $1 billion in assets the way they operate—like tax-paying commercial banks.
More Media Scrutiny:
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The American Prospect details how some credit unions are taking advantage of their industry’s tax and regulatory exemptions to stray from their roots and acquire tax-paying competition.
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A Tyfone op-ed from ICBA Past Chairman Brad Bolton and ICBA leadership community banker Ken Hale spotlights why policymakers should examine credit union acquisitions of community banks.
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In previous op-eds in the Natchitoches Parish Journal and the Shreveport Bossier Journal, Hale details how credit union acquisitions of community banks harm local communities.
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Recent op-eds in American Banker and RealClear Markets target the credit union tax exemption following ongoing ICBA advocacy.