Credit unions still stick in the craw of community banks, based on the priorities for the coming year the Independent Community Bankers of America announced Tuesday at its annual convention in Nashville, Tenn.
One of its seven priorities is titled "Stop Unfair Tax-Exempt Credit Union Power Grab." In it, the ICBA urges Congress to address what it calls tax and regulatory disparities between credit unions and banks and to oppose more credit union "mission creep."
"Large, multi-bond and geographic-based credit unions have exceeded their statutory tax-exempt mission and unfairly use their large taxpayer subsidy to compete with taxpaying community banks," the ICBA statement said. "Bank-like credit unions should be subject to the same laws and regulations as banks, including taxation and compliance with the Community Reinvestment Act."
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