The resurgence of tax-exempt credit union acquisitions of community banks during the first part of 2022 is posing new threats to underserved communities, ICBA Chairman Brad Bolton writes in a new op-ed on LinkedIn.
Bolton: Tax-subsidized credit union acquisitions demand Washington response
March 18, 2022 / By ICBA
The resurgence of tax-exempt credit union acquisitions of community banks during the first part of 2022 is posing new threats to underserved communities, ICBA Chairman Brad Bolton writes in a new op-ed on LinkedIn.
The resurgence of tax-exempt credit union acquisitions of community banks during the first part of 2022 is posing new threats to underserved communities, ICBA Chairman Brad Bolton writes in a new op-ed on LinkedIn.
Consumer Impact: While some in the credit union industry appear to be taking great pride in growth subsidized by taxpayers, these acquisitions harm consumers, exceed the limits established by Congress to justify their tax exemption, and demand congressional action, Bolton writes.
ICBA Campaign: Meanwhile, ICBA is running a digital campaign featuring a recently released ICBA video urging Americans to advocate congressional hearings on how credit unions are taxed and regulated.
Grassroots: Community bankers can continue urging Congress to hold hearings on the credit union tax exemption using a customizable message to lawmakers on ICBA’s Wake Up page and its Wake Up Messaging Playbook.
Subscribe now
Sign up for the Independent Banker newsletter to receive twice-monthly emails about new issues and must-read content you might have missed.
Sponsored Content
Featured Webinars
Join ICBA Community
Interested in discussing this and other topics? Network with and learn from your peers with the app designed for community bankers.
Subscribe Today
Sign up for Independent Banker eNews to receive twice-monthly emails that alert you when a new issue drops and highlight must-read content you might have missed.
News Watch Today
Join the Conversation with ICBA Community
ICBA Community is an online platform led by community bankers to foster connections, collaborations, and discussions on industry news, best practices, and regulations, while promoting networking, mentorship, and member feedback to guide future initiatives.
Join the Community Example Text
