ICBA released a customizable op-ed and talking points that community bankers can use to oppose the disturbing trend of large credit unions buying up community banks. The custom resources cite the asset disparity of institutions involved in these deals and the rising cost to taxpayers of the credit union industry’s tax exemption.
ICBA issued the resources following its launch of the ICBA Credit Union Task Force, which continues ICBA’s long-standing call for policymakers to re-examine the credit union industry’s tax and regulatory subsidies.
ICBA President and CEO Rebeca Romero Rainey raised awareness of the credit union acquisition issue in a new American Banker op-ed. That follows last week’s ICBA call for Congress to investigate the National Credit Union Administration’s role in the taxi medallion scandal exposed by The New York Times.