ICBA: Mega-credit union acquisition signals it’s time for a policy response

After the latest deal involving a multi-billion-dollar credit union acquiring a community bank, ICBA said these deals are harming small businesses and local communities.  

Details: In a national news release, ICBA President and CEO Rebeca Romero Rainey noted the credit union is 25 times larger than the community bank it is acquiring, saying every one of these deals should serve as a wake-up call to policymakers. 

Growing Media Scrutiny:  

• 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.  

• In op-eds in the Natchitoches Parish Journal and the Shreveport Bossier Journal, Hale details how credit union acquisitions of community banks harm local communities.    

• Recent op-eds in American Banker and RealClear Markets target the credit union tax exemption following ongoing ICBA advocacy.      

• A previous article in The Banker—an imprint of the Financial Times—says some credit unions may be abandoning their mission with “Wall Street-style” behavior and no longer serving their core members.    

ICBA Advocacy: ICBA’s “Repair, Reform, and Thrive” plan and open letter to the 119th Congress urge lawmakers to address credit union tax and regulatory advantages. Further, an ICBA policy resolution calls on policymakers to end the federal tax exemption for credit unions with $1 billion or more in assets or to establish tax parity between credit unions and community banks.