The Independent Community Bankers of America last week set convincing Congress to reexamine the credit union model, including their tax-exempt status, as one of its priorities for 2017.
And the group accused the NCUA of adopting a role as credit union “cheerleader” rather than regulator.
“The credit union model has become outdated, and its charter, purpose and tax-exempt status should be reviewed by Congress,” the ICBA said in a policy statement announced at the organization’s annual conference in San Antonio. “Credit unions were chartered by Congress to enable people of small means with a ‘common bond’ to pool their resources to meet their basic deposit, savings and borrowing needs.”
The organization identified several other priorities, including the types of regulatory changes being advocated by credit unions.
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