Banker Group's New Campaign Wants Congress to "Wake Up" to "Risky, Tax-Subsidized" CUs Posted by AVCU on 9:51 AM

On Monday, the Independent Community Bankers of America (ICBA) launched a nationwide campaign calling on policymakers and the public to “Wake Up” to the “risky practices, costly tax subsidies, and irresponsibly lax oversight of the nation’s credit unions.”

Both credit union trade groups have responded, with CUNA  clarifying the reason for the credit union tax exemption and issuing a statement citing the more than a quarter-trillion dollars paid by banks in fines over the last decade, and NAFCU saying the real issue is big banks "eating community banks' lunch." (CU Today, 10/21/19)

The ICBA said the Wake Up campaign (click here for video) will encourage policymakers to “open their eyes to the growing threats posed by these financial firms’ abandonment of their founding mission facilitated by their captive federal regulator,” the National Credit Union Administration.


“ICBA and the nation’s community banks are calling on Washington to stop pressing the snooze button and wake up to the risks of aggressive, growth-obsessed credit unions and the costs of their taxpayer-funded subsidies,” says ICBA President and CEO Rebeca Romero Rainey repeatedly while berating the viewer to "Wake Up!".

“With credit unions abandoning their founding mission in the name of expansion and risky lending, it is long past time for Congress to level the playing field between community banks and credit unions while reining in the National Credit Union Administration’s expand-at-all-costs agenda.”

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