The U.S. Senate passed a defense spending bill with a provision, supported by ICBA, that promotes parity between banks and credit unions on military bases. B oth would have to serve on-base and have a customer base at least 95% composed of military personnel, federal employees, and their families. It would require the Defense Department to treat banks and credit unions operating on a military installation within the continental United States equally with respect to the financial terms of leases, logistical support, services, and utilities. Currently, banks on military bases are required to pay rent for the use of facilities, while credit unions may operate rent-free. The House version of the legislation does not yet include similar language, but ICBA is working to include the pro-community bank language in the final spending bill.
ICBA also continues to ask community bankers to urge Congress to investigate the trend of large credit unions buying up community banks and to send examples of egregious credit union actions to email@example.com. IBANYS Members: Use ICBA’s customizable op-ed and talking points.