The Iowa Division of Banking on Monday blocked the sale of First American Bank’s remaining Iowa-based assets and branches to Green State Credit Union, a $5.8 billion institution based in Iowa City.
Given their extraordinary and unnecessary tax benefit, large credit unions should be held accountable for meeting the needs of the very communities they were created to serve in the first place.
As part of its ongoing efforts to educate policymakers and the public about large credit unions’ abuse of their tax exemption, the American Bankers Association—through its Explore Credit Unions campaign—is launching a new series of ads designed to highlight how large credit unions have lost their way.
Congress should focus its attention in 2020 on the tax treatment of large, bank-like credit unions and reconsider the merit of the tax exemption these entities enjoy, according to a new issue brief published by the National Taxpayers Union today.
In an op-ed today, Colorado Bankers Association CEO Don Childears called a recent decision by the Colorado State Banking Board to deny the sale of a community bank to a credit union “good public policy,” noting that such a sale would have removed a taxpaying institution from the state tax rolls.
The National Credit Union Administration today issued two proposals with significant and troublesome implications for taxpayers.
In an American Banker op-ed today, American Bankers Association Chair Laurie Stewart called attention to the “disturbing trend” of large, tax-exempt credit unions purchasing taxpaying community banks.
With several serial acquirers out of the market, scarcer targets for purchase and non-traditional deals on the rise, expect banks to turn to experienced matchmakers in 2020 to navigate M&A.
The Colorado State Banking Board today denied the sale of a Colorado community bank to one of the state’s largest credit unions. The board found that the deal—in which Boulder, Colorado-based Elevations Credit Union would purchase the assets of Cache Bank and Trust, headquartered in Greeley—did not meet the requirements of state law.
In a letter to the National Credit Union Administration today, the American Bankers Association reiterated its strong opposition to two proposed amendments that would further expand the already loose fields from which credit unions can draw their customers