ICBA urges hearings following major credit union acquisition

Following the announcement of the largest-ever credit union purchase of a community bank, ICBA renewed its call for policymakers to investigate credit union acquisitions of community banks.

New Acquisition: VyStar Credit Union in Jacksonville, Fla., this week said it is crossing state lines to purchase a $1.6 billion community bank in Jonesboro, Ga.

ICBA Advocacy: In a national news release, ICBA continued its call for Congress to hold hearings on this trend and request a GAO study on the evolution of the credit union industry and National Credit Union Administration supervision.

More: “The current rash of taxpayer-funded credit union acquisitions exacerbates industry consolidation, shrinks state and local tax revenues, limits the reach of the Community Reinvestment Act, and again shows that tax-exempt credit unions have become virtually indistinguishable from taxpaying commercial banks,” ICBA President and CEO Rebeca Romero Rainey said.