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Unwarranted Advantage

Large credit unions use their unjustified tax advantage to fuel bank-buying sprees that take tax-paying businesses off tax rolls at community expense, and expand into new higher-income markets to drive more deposits, higher profits, and customer growth. With 404 credit unions each holding more than $1 billion in assets and approaching 500 is it fair for these large credit unions to be beneficiaries? 

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Expert Views

Jelena McWilliams, FDIC
“With respect to the credit unions and community banks, Congress set up credit unions in a certain way. They are not subject to taxation, and they also don’t have CRA requirements…. I’m getting to that the playing field may not be exactly leveled.”
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Karen Shaw Petrou, Federal Financial Analytics, Inc.
“Credit-union regulation is often premised on profit maximization, not mission compliance....”  
— Federal Financial Analytics, Inc, 2019
Rob Taylor, Idaho State University Credit Union
“I have colleagues from other small credit unions who share my frustrations. The problem with our movement is most of us have been indoctrinated to believe our common enemy are bankers when in fact the real threat to our future lies within our own industry. If taxation is in our future, then let it be with the large bank-like credit unions, so the entire movement doesn’t suffer from the actions of a few.” 
— Credit Union Journal, 2021
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Recent News and Insights

news
  • July 1, 2020

UK Federal Credit Union Acquires Naming Rights for Esports Lounge, Theater

The University of Kentucky Federal Credit Union (UKFCU) and JMI Sports, UK’s multimedia rights partner, have announced a naming rights partnership with the university for the esports complex in The Cornerstone, a new multiuse facility now under construction at the corner of South Limestone and Winslow Street on campus.

news
  • January 9, 2020

Seven Arizona Branches Transition from Banks to Credit Unions

Alaska USA Federal Credit Union (Anchorage, AK) and TCF National Bank, a subsidiary of TCF Financial Corporation (Wayzata, MN), announced on January 8 that Alaska USA has signed a definitive agreement to acquire TCF Bank’s seven branches located in the greater Phoenix, Arizona market, along with deposits and certain related assets.

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ABA: The American Bankers Association
Copyright © 2022 American Bankers Association | About this Campaign
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Copyright © 2021 American Bankers Association | About this Campaign