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
Tax-exempt credit unions—which have seen significant growth in the years since the financial crisis—are increasingly “using their newfound financial heft to compete aggressively for business” against taxpaying banks, according to a Wall Street Journal article published today.
For the first time in the history of the American Customer Satisfaction Index survey, customer satisfaction with banks exceeded satisfaction with credit unions, according to ASCI.