ICBA announced the formation of a new task force on the disturbing trend of large credit unions buying up community banks. The ICBA Credit Union Task Force continues ICBA’s long-standing call for policymakers to re-examine the credit union industry’s tax and regulatory subsidies.
In a news release, ICBA said the asset disparity of institutions involved in these deals underscores their inequities, while the acquisitions add to the nearly $2 billion federal cost of the credit union industry’s tax exemption. ICBA also noted that the National Credit Union Administration continues to act as an advocate for the industry it is charged with regulating.
The announcement follows a new American Banker op-ed from ICBA President and CEO Rebeca Romero Rainey on the issue and last week’s ICBA call for Congress to investigate the NCUA’s role in the taxi medallion scandal exposed by The New York Times.