ICBA: Record-setting 17th credit union acquisition requires response

Following this year’s 17th acquisition of a tax-paying community bank by a tax-exempt credit union—a new single-year record—ICBA repeated its call for policymakers to respond.

Details: In a national news release, ICBA President and CEO Rebeca Romero Rainey said the record-setting acquisition comes as policymakers and the public are increasingly scrutinizing these deals.

Recent Action: As advocated by ICBA, the FDIC recently approved a new statement of policy on bank mergers that for the first time explicitly states that additional scrutiny may be needed for deals involving tax-exempt credit unions. In a June comment letter, ICBA called for the FDIC to include credit unions in its merger reviews.

ICBA Outreach: ICBA recently called on the National Credit Union Administration to curb the abuse of its subordinated debt rule, released polling showing U.S. adults increasingly support equal consumer protections for credit union customers, and lauded the FDIC’s ICBA-advocated inclusion of credit unions in its merger guidance.

Media Groundswell: Media outlets are increasingly taking notice of ICBA’s calls for credit union policy reforms, with recent Bloomberg, CNBC, Axios, and CNN coverage raising questions about credit union practices.

Grassroots Resources: Community bankers can use ICBA’s Be Heard grassroots action center to call on members of Congress to hold a hearing on credit union policy. Additional resources are available on the ICBA website.