NAFCU sets the record straight on CU, bank mergers in response to banker attack
NAFCU President and CEO Dan Berger Thursday wrote to Treasury Secretary Janet Yellen to clarify falsehoods and inaccuracies about credit union and bank mergers hurled by the Independent Community Bankers of America (ICBA).
In the letter, Berger explained that bank and credit union mergers are voluntary, market-based transactions that require a community bank’s board of directors vote. “To be clear, the bank makes the ultimate decision to sell to, and merge with, a credit union,” wrote Berger. “These transactions are a far cry from ‘hostile takeovers.’
“ICBA’s complaints about the ‘weaponization’ of the credit union tax exemption are nothing more than a trojan horse, distracting from their real aim—eliminating competition for community banks,” added Berger.
Berger called on the Treasury to ignore these efforts, as credit unions provide exceptional products and services for their members and communities, while community banks put shareholder profits first.
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