ICBA calls on Congress to examine CU tax exemption; calls NCUA ‘cheerleader’

The ICBA released its legislative agenda called “Community Focus 2020." In it, they are targeting CU tax exemption.

The nation’s community bankers on Monday renewed their call for Congress to re-examine the credit union tax exemption in an effort to “promote a level playing field” for financial institutions.

The Independent Community Bankers of America released its “Community Focus 2020” legislative agenda on Monday and singled out credit unions and the NCUA for criticism, much like other banking trade groups have.

“Today’s credit unions are leveraging their tax subsidy for rapid growth, purchasing multi-million-dollar stadium naming rights, flaunting their nearly unlimited fields of membership, and expanding their activities well beyond their original mission,” the bankers association said.

And when it comes to the NCUA, the bankers contend that the agency consistently pushes the envelope and acts as a cheerleader for the industry.


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