Tuesday, March 13, 2012

Community banks seek to limit credit unions

A community bank trade association that represents a number of small Charlotte-area banks has made limiting credit unions a top lobbying priority this year.

The Independent Community Bankers of America released its policy priorities at a convention this week. The organization spent about $3.7 million on lobbying last year.

One of its goals this year is "urging Congress to address the unfair tax and regulatory disparity between taxpaying community banks and tax-exempt credit unions, while opposing further credit union 'mission creep,'" according to the announcement.

Credit unions, which have increasingly become bank-like in recent years by offering more products and technology, unfairly benefit from their tax advantage, the ICBA says.

"At a time of record federal budget deficits, every dollar of revenue counts," the statement reads.


Robert Tate said...

"Every dollar of revenue counts"...because those $1M bonuses don't pay themselves.