statutory definition of “credit unions” enshrined in the Federal Credit Union Act that has been going on for years. It’s even been acknowledged at the highest levels of NCUA’s own leadership — one need look no further than former NCUA Chairman Mark McWatters’ warning that the agency he once led has become “inappropriately emboldened” and has allowed the institutions it is charged with supervising
creep far beyond their statutory boundaries.
It’s time for Congress to step in.
Lawmakers must determine whether these types of acquisitions and the negative consequences that follow align with the public policy goals Congress intended when it created the credit union tax exemption in the first place.
Until they do, the banking industry must continue to push back — as it has in states like Iowa and Colorado, where state regulators have determined that local statutes do not allow credit unions to acquire state-chartered banks. ABA will continue its advocacy against these types of mergers — as we did in a recent letter to the Office of the Comptroller of the Currency, highlighting the particular threat they pose
to the mutual bank business model.
We’ll continue to make these arguments loudly and oſten because we know that when taxpaying banks are overtaken by tax-exempt credit unions, everyone loses.
Email Rob Nichols at nichols@
aba.com.
BANKING AND YOUR
COMMUNITY GO HAND IN HAND WHAT A
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COMMUNITY BA N K I N G CONFERENCE
AUGUST 25-27, 2021 KANSAS CITY, MO
Featuring Sessions for all Areas of Your Bank
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